9 Important Facts behind the Blockchain Technology Prospects
Blockchain technology is a highly debated concept although it has been predicted that this technology will bring huge profits in the New Year. However, there are also beliefs in the air that blockchain technology is just a bubble; it will soon see its end. While we wait and watch what this technology brings to the business world, it is important to understand the concept behind the technology. Blockchain technology companies provide a distributed database which registers records of transactions in a particular order, which increases on a consistent basis. This digital ledger can be stored at the same time in multiple computers, which are connected by internet. Nevertheless, the records cannot be cracked or manipulated in any form.
All records in the digital ledger of blockchain are divided into two distinct parts:
• Block header, which includes all metadata. Meta data consists of total amount, reference to the previous block and the creation date of the record.
• The content of the block, which shows all address and swaps of all the participants in buying and selling cryptocurrency.
Most of finance and cryptocurrency experts are regarding the blockchain technology as the future currency of the world. Here are 10 facts regarding the prospects of blockchain technology:
1. Blockchain technology can be employed in the sphere of copyright and other laws in the long run, which will be effective in protecting the intellectual property of a trade.
2. The value of transactions done by a company in supply chain management will bring profits if blockchain technology is put into use while building strong strategies.
3. The transaction data available in the digital ledger of the company’s database can be produced on demand and therefore, transparency will be promoted at all levels of the business.
4. Blockchain technology can be used to create distributed storage systems, which will further enhance the security factor for the company’s transactions.
5. Every blockchain participant has a copy of their corresponding database and therefore companies do not need a separate intermediary to take care of the records.
6. A decentralized taxation system might be established in the future by incorporating the fiscal system with a digital ledger.
7. The digital ledger in a blockchain can also be deployed in the real estate sector, where the sale and purchase of land or apartments can be done without the help of any broking agency or individual.
8. Use of the blockchain solutions in creating databases for educational and health institutions will decrease the chance of document forgery.
9. Blockchain technology can also be implemented in creation of a population database wherein the details of social status of an individual, disabled individuals, and criminal records of any person might be recorded.