Dec 19, 2018 Blockchain is in the news a lot these days. In particular, it’s been getting a lot of attention for its potential as a digital money system that would have trust and reliability over all parties. But what is blockchain really and how can we use it to our benefit? Read on to know more! 88m series b3 blockchain kim eun-jung
What is blockchain?
In simple terms, a blockchain is a decentralized, distributed, and distributed ledger infrastructure that can manage multiple types of data and programming through a decentralized, distributed protocol. Also called blockchain, the technology behind it is a type of distributed ledger that can manage a large number of transactions and record each transaction as it takes place.
How to use blockchain
A blockchain has been defined as a ‘peer-to-peer network technology’ that ‘is used to store, verify and verify again’. The blockchain technology can store information and records both online and off, making it easy for people to create and manage businesses. Businesses use blockchain to record and manage operations, manage their finances and trace back ownership.
Benefits of using blockchain
– saved time and costs in the verification process – simplified and streamlined processes for transactions – built-in functionality for business transformation – teeth and bearing in the proof-of-work systems – transparent, distributed, and non-persistent – immutable – scalable – flexible
Disadvantages of using blockchain
– transaction costs – lack of scalability – lack of transaction privacy – lack of decentralization – lack of transparency – lack of understanding – unclear definition of ‘trust’ – lack of clarity on operational implementation – lack of understanding of end-user expectations – lack of hype – hype and misconception of blockchain
Conclusion
In simple terms, blockchain is a decentralized, distributed, and distributed ledger architecture that can manage multiple types of data and programming through a decentralized, distributed protocol. It can maintain complete transparency for all parties involved, whether it’s a financial advisor, a business owner, or a customer. While blockchain is still in its infancy as a technology, it holds great promise for many different uses. From enhanced security and confidence to transparency and trust, it promises to be a valuable addition to the financial sector for years to come. Whether you’re new to blockchain or an experienced investor, this article has provided a detailed look at its use and how it could benefit you.
