Blockchain Technology is a data infrastructure that is currently the backbone of a new internet class that is appealing to the internet business community. Blockchain is an encrypted and decentralized ledger programmed to record all financial and digital transactions with value. This platform uses Bitcoin, a decentralized, peer-to-peer system with a digital currency known as crypto currency used to pay for goods and services. Bitcoin allows online users to process payments between parties by exchanging Bitcoins that can be purchased using the country’s currencies or can be accessed through mathematics, algorithms and cryptography. The blockchain is used to record all of these online transactions.
The blockchain is like a distributed database where spreadsheets of all financial transactions are duplicated across its entire network with thousands of computers. These networks are designed in such a way that they automatically update regularly. Records and transactions within the network are publicly accessible to anyone on the internet and can be easily verified. The advantage of having blockchain technology is that there is no centralized version of duplicated spreadsheets. It is completely automatic with nothing to do with human decision making. In addition, it provides the advantage of eliminating an intermediary, such as a bank, retailers or brokers in any type of financial transactions.
Benefits from Blockchain Applications:
Due to its cryptography base, it ensures that no malware, hacks, illegal business or phishing attacks will occur. With unmatched blockchain security and immutable programming distributed and copied across multiple networks, it has great potential to prevent a hacker from corrupting data in any way possible.
The implementation of blockchain technology within the financial industry has had a significant impact on record-keeping database systems. It has the ability to support self -implementation, smart contracts that include programmed conditional clauses for participants. Transactions can be successful, and funds will be transferred only if the conditions within the clauses are met. Such contracts are now implemented and enforced on decentralized platforms for crowdsourcing and voting where the results are completely transparent and accessible to the public.
What Does Blockchain Hold for the Future?
The use of blockchain technology has the potential to change the field of law. By using smart contracts, blockchain technology has the ability to have smart contracts and the blockchain will take effect immediately after a person dies. The executor and mediator are no longer required to exercise the will. This blockchain technology prefers to require an attorney with the professional skills of a computer programmer.
In addition, this technology can be useful for car rental agencies. With the use of smart contracts, agencies can automatically authorize car rental once customers ’payment and insurance information has been approved.
This platform can help the online music industry. Musicians often see sales due to recording companies or third party platforms. Blockchain can be used to eliminate intermediaries and give the artist more control and ownership of the music which leads to saving a large percentage of the sales originally lost by the artists.
The Blockchain platform can also transform accounting based on an organization’s audit verification process. Instead of having a robust storage of separate records of transactions the blockchain technology can store all transactions in a unified register. This will create a system where all transactions are sealed in an interlocking system where changing transactions, cheating or destroying them is not possible.
In addition, blockchain technology has the potential to transform the marketing and advertising industry. First, it will eliminate digital marketing and advertising intermediaries that create cost efficiency and transparency for organizations. With transparency, it is easier for marketers and advertisers to identify the right target markets. Retailers no longer have to search for consumer information through different sources. All information can be easily found on the blockchain.
Blockchain technology is an important and useful asset for internet business communities. It can be used to build and strengthen trust and transparency. Through this technology, all information is visible to consumers, so that they can track and validate each product and party before successful in an auditable and secure transaction. This will lead to the end of data corruption.Trackable transactions will provide an efficient infrastructure to businesses that will massively reduce the cost of all participants within the blockchain. It will lead to an advanced and independent society with transparency, cost-efficiency, integrity, higher security and no intermediaries.