5 Important Things You Need to Know About Blockchain Technology

● Do you know why experts around the world are raving about the revolutionary new Blockchain Technology?

● Have you tried exploring the technology, and knowing about some of its major features and strong suits?

● Are you aware of how you too can be a major part of the Blockchain technology growth and invest in industries developing the tech?

Ever since Satoshi Nakamoto's White Paper on Bitcoin and Blockchain tech was released in 2007-08, the world has been discovering the disruptive potential of the same. For a very long time, Blockchain had remained in the shadows of its illustrious brother, Bitcoin.

However, industries like pharma, legal, FMCG, and others have now started experimenting with the tech, which runs Bitcoin. In this article, we will discuss five important things you need to know about Blockchain technology.

Blockchain Technology: Is it as radical as it is made out to be?

Blockchain is a decentralized and distributed ledger, which is formed from transaction blocks. It is a tamper-proof system, which cannot be altered by anyone. In essence, if there is a particular transaction, which has been made, the record of the same will always be there and will never change.

The answer to whether Blockchain is a radical technology depends on how well we are able to adapt it to our present times. When it was first developed back in 2007-08, not many people paid it the kind of attention it deserves.

This changes once big tech companies and billion-dollar corporations set up teams to study the technology and look at its application. Industries like finance and legal, which depend on following a trail of authentic transactions, can use Bitcoin for proving provenance.

5 Important Things to Know about Blockchain Technology: The List

1. Blockchain is Transparent and Honest-

Any specific transaction recorded on the Blockchain ledger is visible to all the participants who are part of the transaction. For example, if there is a consignment, which needs to be shipped and there are multiple parties involved, then there can be a genuine record of transactions at every step. This will help in promoting honesty and transparency in the entire process.

1. Blockchain eliminates Middlemen in Trade Dealings-

Every time there is a trade dealing or payment, which is made, multiple parties delay the process. It requires statutory approvals at all levels, leading to loss of time. This can have serious repercussions if the volume of trade and the scale of payments is huge. Blockchain eliminates intermediaries and helps in accelerating transactions and dealings. This is particularly useful when it comes to conducting international trade and transactions.

1. Blockchain cannot be Regulated or Controlled (it is decentralized)-

As Blockchain technology depends on multiple nodes to function, there is complete decentralization. This means that not all data is stored in any one single location. The decentralized nature means that no one person is able to control or manipulate the system, without the consent of the other parties. This promotes safety and security and prevents hackers from accessing central files in one location.

1. Blockchain technology has not yet been Hacked-

When Satoshi Nakamoto released the white paper, he mentioned about how Blockchain technology cannot be hacked. Ever since then, the best hackers have taken it upon themselves to hack the blocks. On every single occasion, they have come up empty-handed. The absence of no single point means that hackers need to attack at multiple points, which practically makes it impregnable. Blockchain technology is immune to being hacked.

1. Blockchain-powered Smart Contracts are Legal in nature-

A smart contract is like an agreement, which fixes terms between parties. It is a binding legal document, which can help in accelerating transactions, production, supply and distribution. In other words, smart contracts powered by Blockchain technology are great as they can be created in real-time. It can also be used by multiple entities on the Blockchain network. Issues like automatically releasing payments, time-bound activities, etc. are dealt with easily.

Conclusion

Bitcoin and Blockchain technology platforms like weedprofitsystemapp.com state that Blockchain technology, if properly used can alter the financial and business landscapes of the world. Can you think of some other Blockchain applications, which are becoming popular in recent times? Let us know below.