Introducing the blockchain and digital currencies!
People are now becoming stress-free when paying their bills and other expenses with a click on the phone.
What are those digital currencies?
There are a lot of digital currencies, but the top 3 are including Bitcoin, Ethereum, and Tether. All of these currencies are inside a decentralized blockchain network.
What is Blockchain? According to Bernard Marr, the blockchain is like a computer file used for storing data or information and it exists on a digital storage medium, such as a computer hard drive.
There are three functions of a blockchain. A blockchain is duplicated in its entirerity. Unlike other files can be stored on one computer and accessed by other people. Cryptography it came from the greek word crypto that means secret. In order to change data, it is required for you to be in possesion of a private key to access these datas. And lastly, Opennes, the blockchain is accessible to anyone who has the permission to view the data.
Why do we use blockchain technology?
The benefits of this technology is that you can get the history of database not just the updated or latest information. The network is decentralized meaning there are no individual who owns the currency and it is unlikely for hackers to access the data.
Blockchains are not only for currencies but it can be used in real life too.
Blockchain products that can help track the patients record and their progress when they leave the hospital is called ConnectingCare and Health Nexus provides a decentralized blockchain of the patient records. The technology enables users to design smart contracts that activate when specific circumstances are satisfied. For example, automated payments can be made when the parties to a transaction agree with the requirements. Blockchain technology does not allow for easy change of data after it has been recorded, and rewriting the codes in all of the blocks is time-consuming and costly. The disadvantage of this feature is that it is difficult to repair errors or make required modifications. In conclusion, Blockchain technology creates a permanent and immutable record of every transaction. This impenetrable digital ledger makes fraud, hacking, data theft, and information loss impossible. The technology will affect every industry in the world, including manufacturing, retail, transportation, healthcare, and real estate.