Blockchain technology (Blockchain) is one of the hottest buzzwords in the business world today, and it could be the future of electronic money transactions and security. Let’s take a look at what blockchain is and how it works!
After going online, reading articles, or watching videos, you learned a lot about blockchain, but you still have difficulty understanding it. How can this type of technology be used in our world?
Before we proceed, let’s quickly summarize what a blockchain is. In brief, it’s a decentralized database that everybody can have a copy of. Anyone with a copy can contribute to the database by adding new records, but nobody can tamper with any information that’s already been input. This feature of blockchains ensures transparency, and anyone with a blockchain will see all the data written on it. So, how can it be used? In this video, I’ll tell you nine examples.
The first and most popular use of blockchain technology is in cryptocurrency, but others are. In 2008, when Bitcoin launched, it gave people a way to transfer currency between themselves without relying on a bank or other third-party institution. Today, over 18 000 different cryptocurrencies have been made. But before we talk about cryptocurrencies, let’s get beyond them.
Let’s use blockchain in cars as an example. Have you heard of odometer fraud? Someone can make a car seem newer and less worn out by tampering with the odometer. As a result, customers are paying more than the car is worth. The government’s strategy for countering this is to document miles from when a car is inspected. It’s not effective enough, though, so the most straightforward alternative would be to replace regular odometers with smart ones connected to the internet and write the car’s mileage to a blockchain. Savvy ones would generate a secure digital certificate for each car. Because we use blockchain, no one can change the data, and everyone can research a vehicle’s history.
Blockchains are very efficient in the way they store data. Blockchains can store all sorts of information for a long period and can work for things like intellectual property or patents. They also function as a notary for important transactions. It just so happens that you don’t need a notary to confirm signatures. The blockchain will suffice. It also happens that Stampd.io allows you to include the Bitcoin or Ethereum blockchain as a resource. In this way, a blockchain works like a notary does because you can prove you created a document at a certain time. Blockchain has yet to reach the level of credibility that notaries do from a legal perspective. As an alternative to pencil and paper voting, digital voting is exciting.
#crypto #cryptocurrency #altcoins
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