The “official” blockchain standards for 2019

The brief statement details the official definitions of the government’s blockchain rules that await the government. Publicly substantiated justifications may seem relatively innocuous or truly prudent, but such formal justifications are a clear attempt to reduce rather than develop decentralized technologies. Even a rudimentary preliminary investigation of the statements underscores what can be generously called controversial logic.

China is going to publish official blockchain technology standards next year, and one official told Xinhua that they would “give the industry some recommendations” on the technology.

Li Ming, director of the Blockchain Research Office at the Ministry of Industry and Information Technology (MIIT), told Xinhua that work has already begun on setting standards. However, Lee made it clear that while the standards will provide some guidance to blockchain developers, authorities do not expect official guidance to “quickly advance the development” of the industry. Despite efforts to reduce the financial risks associated with cryptocurrencies and initial coin offerings, the Chinese government has tried to demonstrate its support for the development of the blockchain. China was the world’s largest source of blockchain patents in 2017, while a blockchain research center was opened last September, opened by the Chinese Academy of Information and Communication Technology, a research institution under MIIT.

The new standards being developed by the Bureau of Blockchain Research will include recommendations for the use of the blockchain in terms of business, information security and reliability, Li Xinhua said. Despite the exciting potential of the surrounding blockchain, the technology remains in its infancy. Without clear rules, security issues brought worldwide losses of nearly $ 2.9 billion between 2011 and 2018, according to the Baimaohui Security Research Center, an Internet security specialist who worked with Alibaba and Huawei.

According to Baimaohui, over the past two years, only $ 1.9 billion has been lost due to blockchain security concerns. China’s leading technology firms and banks not only claim blockchain patents and explore how this technology can improve services and increase public confidence in supply chains, China’s Ministry of Public Security is also exploring how to implement this technology in terms of storage. Earlier this week, data from the Chinese Intellectual Property Office showed that the Ministry of Public Security had filed a patent application for a blockchain system that would allow secure and transparent storage of unchanged data in the cloud. Such a system can be used and disseminated by the police throughout the country, which allows for the rapid exchange of data between different departments. (CGTN) “

To begin with, let us not forget about the differentiation of decentralized capacities in comparison with centralized services. The regionally authorized service naturally adheres to geographically defined legislation. For example, an international fast food chain may sell over-the-counter alcoholic beverages in some European countries, while in North America this operator is generally banned. This option is possible due to the localization of service use. Having “official” recommendations on decentralized capabilities would mean making access to and use of decentralized services regional or in accordance with the same legislation. Maybe not. It is decentralized.

Second, the U.S. Bureau of Accountability (GAO) estimated that the 2008 financial crisis cost $ 12.8 trillion. It also omits the following relief measures, unemployment and the extensive harmful effects that millions have suffered.

The reasons for the financial crisis of 2008 are largely explained by deregulation, securitization (double fall and purchase), the sale of mortgages of imperfect yields and raising the Federal Reserve rate for substandard borrowers. In short, the actions taken by the government, banking and finance.

On the contrary, a loss of less than $ 3 billion over seven years is negligible. Regardless of the political position, decentralized technologies provide the opportunity for independent human choice. Contains personal loss as a result of bad decisions such as ICO investments. Moreover, it is a conscious participation when any person can invest or access a certain amount that is under direct control. Compare this ceiling to a one-sided level, achievable by governments and corporations.

The inclusion of decentralized technology in the operational recommendations of one regional government may prove to be nothing more than redundant double-entry methods. Used by individuals, which together may not be within the competence of the government, simultaneously decentralized technological potential must be equally expressed.

Is Blockchain the latest revolution in technology?

A blockchain is more like a digital book for storing financial transactions just like a book containing what comes in and what comes out. Unlike a traditional book, a digital book is much more extensive and secure without the involvement of intermediaries.

In Blockchain, each block contains, but is not limited to, the cryptographic hash of the previous block along with the transaction data. It can be used by both parties to securely and continuously record transactions. It is managed by a peer-to-peer network and allows you to securely transmit digital information.

Why is Blockchain the latest technology revolution?

Originally blockchain technology was developed to fight bitcoins, but now it has become a conversation about the city, a revolution. In the previous phase, the technology faced harsh criticism and rejection, but after careful consideration it proved to be more productive, more useful and safer. It has now become a practical way to store data in digital form, which is consistent from time to time.

Let’s look at some benefits:

Authenticity – Information is stored in blocks that are then stored on a blockchain that cannot be controlled by a single person or individual. This simply means that the chances of failure are no or very few, and technology can serve as a reliable space for a business transaction.

Transparency – Experienced people say that Blockchain technology is completely transparent. When blocks are recorded and added to them in chronological order, participants can easily and unregistered keep track of transactions.

Quality – In case of any violations, the Blockchain system makes it easier for interested participants to investigate any problem, as the system can guide them all the way to the place of origin. Quality assurance makes it an ideal technology for sectors where origin and other important details need to be tracked.

No fakes – Because transactions and records are checked every time they are passed from one block to the next, the probability of error is less or absent. The accuracy of the process protects the data from falsification, making the technology more convenient and efficient.

Clever – In an era when time is money, Blockchain can play an important role by allowing faster trades. Because the system does not require a lengthy process of verification and clearance, it can be used by various industries to quickly close transactions.

Cost savings – And last but certainly not least, Blockchain is a cost-effective technology, as it does not involve any third party. This makes the system ideal for both startups and organizations that are already operating.

Well! It’s time to understand the technology and its benefits before applying it to any business …

Blockchain: The next level of security for CRM

What is a blockchain?

“Blockchain” is a new modern technology that is emerging today. It is a concept that ensures data security through “cryptography”. This is an ever-growing list of records called blocks that are internally linked, usually containing the cryptographic hash code of the previous block.

“Blockchain is basically an open, distributed digital book that can efficiently and securely record transactions between two parties. It follows a peer-to-peer architecture (decentralized and distributed).”

How Blockchain provides the highest level of security? Or how does it work?

Blockchain can provide the highest level of security, so it is used to store transaction data. It works in such a way that shortly after creating the first block, each neighboring block in the book uses the hash of the previous block to compute its own hash. Before any addition of a new block to the chain, the authenticity and uniqueness must be verified by a computational process. And this process also includes the resolution and confidence of other blocks that the recently added block has been tested. This verification process also ensures that all copies of the distributed book are in the same condition.

Thanks to this mechanism of adding hash code and checks, the newly added block can be referenced in the following blocks, but it cannot be changed. If someone tries to change a block or interfere with it, the hashes of the previous and subsequent blocks will also receive changes and violate the general condition of the book. Whenever this situation occurs, other computers on the network know that a problem has occurred and new chains will not be added to the chain until the problem is resolved. And then the block that causes the error will be discarded and the whole validation process will be repeated.

How can Blockchain benefit CRM?

With CRM software Blockchain can really add exciting data security features (options). Integrating CRM with Blockchain allows an organization to have verified (or verified) records provided by Blockchain technology. especially if CRM is cloud-based.

This means that it can benefit the CRM program by limiting access to tracking data from unwanted sources. Currently, CRM users around the world are facing duplicate or incorrect data issues. Because Blockchain technology stores data in the form of blocks so that it can allow the customer to own a separate block that uniquely presents them and his personal information, related transaction information and other relevant data.

Blockchain restricts duplicate or risky data from interfering with the database, meaning it speeds up CRM processes and ensures customer satisfaction.

The future of blockchain technology in the insurance industry – Blockchainerz

What is insurance?

Insurance is a method of security against money-related losses. This is a type of risk management that is mainly used to protect against unexpected disasters.

The insurer may notify the broker of the accident or claim, and, having the necessary data, submit it to the insurance specialist, in particular the insurer, if necessary, the reinsurer. The location of the claim is confirmed by a receipt to the policyholder.

From now on, the Claims Agent may request additional data for the claim through an external source. After this step, if each of the conditions is met, the claim is confirmed and the installment begins through the insurer’s claims agent. Insurance is manifested in various fraud schemes. From sharing an insurance plan after a divorce to masking medical diagnoses. Then how does blockchain help in this area?

The future of blockchain technology is seen as the best of the images of the fourth industrial revolution and a potential destroyer for some organizations and businesses, including the insurance industry. Even as technology is still at an early stage, it has just demonstrated what it can do: streamline printed materials, increase information security, and save organizations costs by removing tedious forms of business.

Summary on blockchain technology:

  • Blockchain is a broad, decentralized advanced record that is reliably updated and contains a significant number of exchanges made. Blockchain systems are designed to record anything from physical resources for electronic money and are available to all included meetings.

  • After the verification process, the transaction block is time-stamped and added to the blockchain network by a direct sequential request. The additional block then connects to the previous blocks, creating a chain of blocks with the data of each transaction made ever in the history of that blockchain.

How blockchain technology can benefit the insurance industry:

Blockchain was familiar to most through bitcoin, however its apps go by just recording electronic cash. It can also allow for inventive and complex changes in a variety of areas other than finance, such as the insurance business model. In addition to recording electronic monetary and financial transactions, this technology can become part of an insurance and healthcare project.

  • The insurance company basically manages various procedures sequentially, including the insurance contract that is signed. Processes can be anything from obtaining an insurance policy, evaluating a customer, claiming or managing a fake policy.

  • Because blockchain technology deals with smart contracts, insurance industry experts argue that this technology could change the way insurers communicate with customers. The insurance industry depends on a large amount of data, like different industries, a blockchain can end up providing all or most of the data-related transactions for that industry through a smart contract.

  • In this an intelligent contract can stimulate, execute and enforce the negotiation or application of an insurance contract using blockchain technology. Insurance contracts are unpredictable and difficult to understand, so a smart contract can ensure the performance of the insurance valuation chain wherever time, effort or money is spent on confirming information before preparing transactions.

OR

Key points of the blockchain that affect the insurance industry:

1. Increasing trust:

There is tremendous confidence in the financial services sector. Despite the fact that the main banks are large banks, the breakdown of trust affects all enterprises. Lack of trust, high costs and inefficiency of the insurance business play a role in the unusually high level of non-insurance. Blockchain technology stimulates customer confidence as it provides straightforwardness and transparency.

2. Improving efficiency:

By changing insurance agencies or health care providers, he knows how wasteful the information section process is to start coverage or care. What’s more, customers are undeniably afraid of losing control of their own information. Blockchain is responsible for disk performance and security, allowing individuals to manage individual information until confirmation is registered on the blockchain.

3. Advanced claims processing with smart contracts:

The insurer and the insurer today have problems that blockchain and smart contracts can solve. Insurers usually find insurance contracts long and mysterious, while insurance agencies fight various scams that are extraordinary. Through blockchain and smart contracts, they will both make a profit by controlling requirements in a responsive and transparent manner. And it all starts with writing and confirming contracts on the blockchain. At the time of filing a claim, the blockchain can ensure that only important or isolated cases are paid. But if the network finds multiple cases where climates are served as a result of the same accident, the blockchain can cause installment claims without human intervention, thus increasing the rate of claim resolution.

4. Detection and prevention of fraud:

One of the most compelling reasons why insurance agencies should investigate a blockchain is its ability to detect and prevent counterfeiting or illegal activities. It is expected that 5 to 10 percent of all cases are fraud. The decentralized Blockchain technology store is a historical record that allows you to autonomously authenticate customers, policies and transactions. Every insurance agency needs to take a step today to understand how blockchain innovations can affect how they work together today and later.

This is the way blockchain technology will help or participate in the insurance industry in the future. In case you need to freshen up with the concepts or want to read the latest news related to Blockchain & Cryptocurrency technologies, at this point you will stay connected with us.

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An online voting system in political elections based on blockchain technology

We hear about Blockchain and Bitcoin every day; however, it should be noted that the blockchain is far beyond bitcoin and cryptocurrency. It is a platform used to conduct economic transactions in the most incorruptible way. Strictly speaking, this technology can be used not only for economic operations, but also for everything that has value, virtually. Blockchain is used in the pharmaceutical industry, fashion and accessories, food safety, airlines and many more.

Why in a world where technology has reached a point where scientists are inventing flying cars, why is one of the main systems that make up a country’s government still not secured and falsified? With the development of technology, everything has become much more transparent and convenient, so why is this technology not used for easy and fair elections? In most countries, voting is the right of every adult. Then why don’t the entire adult population of the country go to the polls on election day? Maybe because the voting center is too far away. People have to go and stand in huge rows to cast a single vote. Some even believe that their votes are not counted because of unfair election results.

The solution to this huge problem has finally come. A platform that allows you to combine the perfect combination of technology and policy into one. This leads to the invention of blockchain voting. If this technology can be used for many other purposes, why can’t it be used for the most important function, which is voting? Blockchain voting is Online voting platform allowing a safe, carefree, reliable and fast method with the sole purpose of voting in elections. Voting in a blockchain can completely change the way you vote for the best. This will not leave doubts and questions in the minds of voters.

In today’s age of technology there are some things that work best only the old way. However, voting is not one of those things. Voting is a process in which the citizens of a country elect their leaders. This process must be very safe, fair and absolutely accurate; these are all characteristics of a blockchain. Blockchain voting is immutable, transparent and cannot be hacked to change results. Blockchain voting is an effective means of holding elections. This will ensure the absence of voter fraud and the repetition of votes, which will lead to fair elections. Blockchain voting is a need of today’s democratic and adult population who believe that they can change this world.

Stakeholders participating in blockchain voting will be the same as stakeholders in the normal voting method. These revolutionary changes may encourage many people to vote. Anyone who has an Internet connection and is an adult, and therefore has the right to vote, can participate in this blockchain voting process. Using this technology from a voter’s perspective is very simple.

Anyone who has a phone and Internet access will easily be able to understand the characteristics of the platform. Citizens who vote do not have to wait in long queues and do not have to travel a lot to go to the polls. This fast and carefree way of voting will attract more and more people to the voting process and become part of a more democratic world. This is definitely a cheaper and easier method of holding elections. Once different governments understand the importance of introducing this technology into their political environment, the best for countries will be easy and fair elections.

Using Blockchain technology for trade finance

One of the most favorable industries for blockchain technology is trade finance. Many of the world’s largest banks invest time in its research and development.

Thanks to a consortium of 71 global financial leaders, R3CEV, much has been revealed about the potential use of blockchain technology.

Since 2016, R3 has conducted several pilot runs in the market as a complement to its research. They will continue to refine these strategies until they are fully ready to enter the market.

So what are some of their results that can be used? Here is the future of trade finance with blockchain technology companies.

Real-time status and monitoring

One of the members of R3, CBA, is a leading participant in blockchain technology research. They are currently undergoing 3 different projects to analyze blockchain use.

They are conducting a test run with exporters who supply cotton. Inside the canister is a humidity monitor that is connected to IoT and GPS.

This monitor allows consumers to track deliveries in real time. In addition, they can assess the condition of their product during its journey.

Other national technology companies working on the blockchain are working with pilots, similar to this study. In Singapore, Hellosent is conducting similar tests. However, they are studying the import of French wine.

Elimination of unpaid settlements

A growing problem for farmers is the financial loss due to the insolvency of trade. An estimated $ 50 million was lost in 2014 due to this activity.

It takes the farmer about 4-6 weeks to get paid for their supplies. In this case, there is often a conflict between farmers and buyers due to complications in payment (non-payment of the amount, late payment, etc.).

The Australian startup, Full Profile, has taken matters into its own hands.

Their blockchain platform allows farmers to now receive automatic payment when delivering grain. This will greatly reduce the risk of disputes between farmers and buyers.

Once the “Full Profile” app is fully functional at home, they will expand on foreign trade.

Digitize

The use of blockchain technology can also be helpful in reducing financial losses and risk. With further development, it will be able to digitize sales and legal arrangements.

Trade finance is an inefficient industry that depends heavily on settlements and contracts. Currently, most of these agreements are executed in the old way: paper copies.

Blockchain technology will remove the need for this paper system. This ultimately reduces the risk of financial loss as documents are often lost, improperly processed or soiled.

Electronic documentation can be tracked much more efficiently. In addition, it eliminates the need for an independent verification system.

Interested in learning more about Blockchain technology companies?

Blockchain technology creates transparency in financial trade between buyers and sellers. From the moment of placing an order until payment, the blockchain is able to simplify the trading process.

Do you want to jump into the world of international trade? You are in the right place. It would be great to know your thoughts and comments.

What is blockchain development?

Blockchain technology may become a new name for readers, but experts are adamant that thanks to this technology we can witness a big change in technology. Therefore, various companies are looking for good opportunities in the development of blockchain applications. Blockchain is a new technology, so most people are unaware of this new achievement. If you are one of those who want to have significant technology, just keep reading the information below.

What do we mean by blockchain?

Blockchain works like a digital book in which transactions are made using bitcoins or cryptocurrencies. According to Blockchain experts, this technology provides an absolutely secure way to make or record all transactions, agreements or contracts. What’s more, Blockchain is valuable to everything you need to test and maintain in a secure digital ecosystem.

From the starting point of the network, the database is aggregated between a number of users who are enabled to access the information of all transactions. The total size of the network varies depending on the number of users, which can be two to three users, or a group of hundreds of users.

What are the benefits of Blockchain technology?

Experts are trying to use it for more than one purpose, and currently the most notable and notable use of Blockchain technology is bitcoin. Bitcoin has been helping people involved in financial transactions since 2008. In addition, experts are looking for ways in which the same technology can be used to address or reduce security concerns, disputes and beliefs.

How is it used?

Specialized computer software is used to automatically create a blockchain to transfer information to a database in the event of a new transaction. A blockchain contains blocks that hash or encode transaction lots. Each code with a hash of the block before it connects two and forms a chain which is a blockchain. This process requires checking each block to ensure the security of the shared database.

Why do we need blockchain development?

As mentioned above, Blockchain is trying to make the technology more useful for people who need to keep track of undisputed transactions. Blockchain technology provides extreme clarity and transparency and can be used as an effective tool against corruption cases.

With Blockchain technology, all transactions take place in a secure environment, where all details are encrypted with the generation of a unique transaction number, and this number is recorded in the book as a placeholder. In this case, not all users will be able to see the details of the transaction. However, the network will be aware of the transaction. This process limits any changes to the scam because the person who has malicious plans must access every computer on the network to make changes to the database.

Due to the growing importance of Blockchain development, a number of individuals or organizations are looking for a trusted and reliable Blockchain development company.

How do blockchain technologies improve the world?

Blockchain technologies can be extremely helpful in banks, insurance, healthcare and the pharmaceutical industry, the supply chain of many sectors (agribusiness, luxury, international trade, distribution, wine, aerospace and automotive), the music industry, energy and real estate. Blockchain can replace most centralized “trusted third parties,” including banking transactions, notaries, land registry, etc., distributed computer systems.

1. Drugs / Pharmacy

Blockchain technology can be used to improve drug integrity. If drugs can be accurately identified and tracked from production to consumption, it can save up to one million lives annually. Because DHL is already working with Accenture to create a serialization system with tracking and tracking based on blockchain technology.

“At the moment, the system already has more than 7 billion unique serial numbers. In addition, the system can now handle more than 1,500 transactions per second,” said Scott Allison, president of DHL, Health.

Alison means more than just the ability of the system. For example, serializing “track and track” should reduce costs, increase security and confidence, and eliminate error-prone data movement. Technology can add additional verified information to an unmanageable item. The inspection is carried out by all participants.

“The system not only meets the world’s requirements for serialization, EVEN THROUGH THEM,” says Allison.

2. Fashion / Fashion

The CGS project allows consumers to track the entire life cycle of clothing. It brings together companies from fashion, clothing and consumer goods to work together. With this solution, consumers no longer need to rely on value in sustainable development. Blockchain technology allows you to track the stability and compliance of clothing

3. Cross-border payments

In developed and underdeveloped countries, access to capital for small food producers is often a major challenge. Binkabi is a cross-border trading platform for agriculture, which opens new positions with the help of a block bridge from Sweet bridge. Therefore, a system of fair trade in goods should be developed.

IBM recently announced a decision by banking banks. This is to make international payments faster and more cost-effective.

4. Food safety

In the area of ​​food safety, IBM works with food manufacturers Dole, Nestlé and Walmart. Thus, data of breeders, suppliers, processors, traders, retailers are available not only to all stakeholders, but also to regulatory authorities and consumers. This way, you can track each transaction and view all food information. Because all members of the food system have access to the blockchain, contaminated food can be quickly removed from the production and supply chain before it reaches the shelf.

The World Wildlife Fund (WWF) “tracks” fish and seafood using blockchain technology. In this project, technology should help combat illegal fishing. However, full traceability of fish and seafood is also of interest to fish wholesalers and retailers because they want the products or brand not to be associated with illegal activities.

“CONSUMERS ARE ALSO ALL SPREADING ON BODY-FRIENDLY FISH AND SEAFOOD, WHICH DO NOT RESPOND TO ILLEGAL FISHERIES,” said Buki Kukak, head of the Tsentra region.

5. Humanitarian crises

Blockchain technology is not only used by companies. Currently, the United Nations uses blockchain technology in 16 areas, including:

· World Food Program (refugee assistance)

· Office for the Coordination of Humanitarian Affairs (funding, protection and control of supply chains)

It is also currently being investigated how blockchain technology could be used to address current issues such as child trafficking, said Mahrin von Schlegel, managing director of the nonprofit embassy 2.0.

As part of the ID2020 public-private partnership, Microsoft and Accenture have announced a partnership. The goal is to provide 1.1 billion people with legal forms of identification and identification using blockchain technology.

6. Decorations

In collaboration with Everledger, jewelry company Brilliant Earth intends to use blockchain technology to accurately track the origin of diamonds and other gemstones. This guarantees the processing of only conflict-free stones.

What is a blockchain?

Blockchain is an indisputably ingenious invention that is practically leading to a revolution in the global business market. Its evolution has brought greater benefits not only to the business but also to its beneficiaries. But because it is a revelation to the world, the vision of its operational activities is still unclear. The main question that arises in the minds of everyone – what is a blockchain?

For starters, Blockchain technology serves as a platform that allows transit of digital information without the risk of copying. In a sense, this has laid the foundation for a solid foundation of a new kind of Internet space. Originally designed to combat bitcoin – trying to explain to the average person the functions of its algorithms, hash functions and digital signature properties, today technology enthusiasts are finding other potential uses for this flawless invention that could pave the way for a brand new business.

To determine in all respects, the blockchain is a kind of algorithm and data distribution structure for managing electronic funds without the intervention of any centralized administration, programmed to account for all financial transactions, as well as everything that has value.

Blockchain work

Blockchain can be understood as a Distributed Ledger technology that was originally developed to support the cryptocurrency Bitcoin. But after harsh criticism and rejection the technology was revised for use in more productive things.

To get a visual representation, imagine a table that practically increases in tons in a number of computing systems. And then imagine that these networks are designed to periodically update this spreadsheet. This is exactly what a blockchain is.

The information stored on the blockchain is a general letter, the data of which are agreed from time to time. This is a practical way that speaks to the many obvious benefits. Blockchain data does not exist in one place. This means that everything stored there is open for public viewing and verification. In addition, there is no centralized platform for storing information that hackers can corrupt. It has virtually access to a million computing systems nearby, and its data can be accessed by anyone with an Internet connection.

The strength and authenticity of the blockchain

Blockchain technology is something that minimizes Internet space. It’s a chic reliable character. Similar to providing data to the general public via the World Wide Web, blocks of authentic information are stored on a blockchain platform that is equally visible across all networks.

It is important to note that a blockchain cannot be controlled by a single person, entity or person and has no point of failure. Just as the Internet has established itself as a durable space from the last 30 years, the blockchain will also serve as a true, reliable global scene for business transactions as it continues to evolve.

Transparency and imperishable nature

Veterans of the industry claim that the blockchain lives in a state of consciousness. He practically checks himself from time to time. This is similar to self-monitoring technology, where its network coordinates every transaction known as a block that occurs on a regular basis.

This gives rise to two main properties of the blockchain – it is very transparent, and at the same time it can not be damaged. Every transaction that takes place on this server is built into the network, and thus it is all very visible all the time to the public. In addition, editing or omitting blockchain information requires tremendous effort and strong computing power. Against this background, fraud can be easily identified. Therefore, it is called imperishable.

Blockchain users

There is no specific rule or regulation as to who should or can use this flawless technology. Although currently its potential users are only banks, commercial giants and global economies, the technology is open to everyday transactions and the general public. The only downside to the blockchain is worldwide recognition.

An Introduction to Blockchain Technology for Beginners

Nowadays, technology is scaling new heights of success at an incredibly fast pace. One of the latest triumphs in this direction is the evolution of Blockchain technology. The new technology has greatly affected the financial sector. In fact, it was originally designed for bitcoin – a digital currency. But now it finds its application in a number of other things.

Going so far was probably easy. But still need to know what is Blockchain?

Distributed database

Imagine a spreadsheet that is copied more than once over a computer network. Now imagine a computer network designed so elegantly that it regularly updates the table on its own. This is an extensive review of Blockchain. Blockchain contains information as a shared database. Moreover, this database is constantly updated.

This approach has its advantages. This does not allow you to store the database anywhere. The entries in it have valid public attributes and can be checked very easily. Because there is no centralized version of records, unauthorized users do not have the ability to manipulate data and corrupt it. The widespread Blockchain database is hosted on millions of computers simultaneously, making them easily accessible to virtually everyone on the virtual Internet.

To make the concept or technology more understandable, it’s good to discuss the Google Docs analogy.

The analogy of Google Docs for Blockchain

After e-mail appears, the usual way to exchange documents is to send a Microsoft Word document as an attachment to the recipient or recipients. Recipients are in no hurry to go through it before sending a modified copy. With this approach, you need to wait until you receive a copy to see the changes made to the document. This is because the sender is not allowed to make adjustments until the recipient has finished editing and sent the document back. Modern databases do not allow two owners to access the same record at the same time. This is how banks maintain the balance of their customers or account holders.

Contrary to established practice, Google Docs allows both parties to access the same document at the same time. In addition, it also allows you to view a separate version of a document at the same time. Just like a shared book, Google Docs also acts as a shared document. The distributed part becomes relevant only when several users participate in the generalization. Blockchain technology, in a sense, is an extension of this concept. However, it is important to note that Blockchain is not intended for document exchange. Rather, it is simply an analogy that will help to have a clear idea of ​​this advanced technology.

Outstanding features of the blockchain

Blockchain stores blocks of information on the network that are the same. By virtue of this feature:

  • Data or information cannot be controlled by any single organization.
  • Nor can there be a single point of failure.
  • The data is stored in a public network, which provides absolute transparency of the general procedure.
  • The data stored in it cannot be corrupted.

Demand for Blockchain developers

As mentioned earlier, Blockchain technology has a very high application in the world of finance and banking. According to the World Bank, in 2015 alone, more than $ 430 billion in remittances were sent through it. As such, Blockchain developers have significant market demand.

Blockchain eliminates the payment of intermediaries in such monetary transactions. It was the invention of the graphical user interface (GUI) that helped the common man access computers in the form of desktops. Likewise the wallet app is the most common GUI for Blockchain technology. Users use a wallet to buy the things they want using bitcoin or any other cryptocurrency.