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Blockchain

The underlying technology behind the world of cryptocurrencies is the Blockchain. Compared to the physical cash that we all know, cryptocurrencies and digital money are accompanied by a vast issue known as double-spending. Thus, Blockchain assists people to tackle the problem of double-spending. Looking deeper, Blockchain today is a form of a ledger that is distributed. With the constant ledger updates, alterations, and deletions, the ledger continues to grow (Yaga, Mell, Roby, & Scarfone, 2019). Within these ledgers, some blocks are linked together by cryptography. The data that is contained in later held by the Blockchain, whereby it is shared and continuously updated.

Benefits of Blockchain

  • As a decentralized and distributed ledger does not present on only one site, it is public and can be confirmed.
  • A single entity cannot control it.
  • It checks itself after every ten minutes to update the transactions that have happened in a ten-minute interval, which means self-auditing.
  • Blockchain cannot be tainted because of its distributed characteristics hence needing vast computing power to corrupt it.
  • Whatever happens to the Blockchain, it will happen down the line of the entire network.
  • Because it is decentralized, the elimination of a third party could occur.

Blockchain has been utilized in different applications and as well continues developing. For instance, some cloud document storage services currently split up records, share around various hard drives on a chain, and the Blockchain oversees the file. The capability of Blockchain pushing ahead is immense. Applications, for example, that are housing could locate where a potential client could see the information of a house and contact the proprietor whenever intrigued, not requiring agents (Crosby, Pattanayak, Verma, & Kalyanaraman, 2016). The Healthcare services, globalizing records that are public, and the preferences could likewise discover the utilization of the Blockchain. One thing we have to remember is who the miners will be and what will motivate all the miners to perform in the specified application as mining needs processing power. Blockchain technology allows for distributed control over the existing financial system globally and helps with avoiding middlemen. This is considered one of the main reasons why blockchain is gaining so much popularity.

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