Uses and advantages of Block chain Technology

INTRODUCTION:

Block chain technology is the new technology in the market as it is a digital ledger in which the virtual transactions and financial transactions are recorded. The transactions which are recorded are public which can be seen by group of people.it is a decentralized for of a ledger, it is not centralized information as the hackers could not hack. At a single point of time many computers can access without interruption. Block chain is a technology in which the digital currency, digital gold i.e. bitcoin transaction take place and recorded.

Block chain technology is mostly started in 2016 and in 2017 many products are implemented by using Blockchain technology

Where mostly Block chain technology is being used?

Mostly Block chain technology is used by finance officers or stock market traders who generally transacts their assets digitally or virtually. At present in India this virtual gold i.e. bitcoin is banned but the transaction in few countries are mostly done by the digital currency.

Block chain technology is not only in money but it is being used in many sectors in a business like in health care industry: The transaction of government which the government allots money for poor is recorded in Block chain technology and making it available in all healthcare sector network

In financial institutions: Banks are the foremost sector to use Block chain technology as it is a decelerated ledger transactions all the transactions are recorded which help the banks to verify easily. With this Block chain technology the government can identify the individual transactions, assets, liabilities.

In voting: Block chain technology helps in the voter’s identification and no cheat in the voting

Online advertisement: it helps to attract the viewers whom the company targets

In retail business: in retail industry Block chain technology helps in logistic cost optimization and helps in building the trust of the customers and earn more premiums

Block chain technology is not handled by a single person it is a group network transaction that everyone transactions can be seen and it does not have any single point to fail the listing the transactions or any performance in any sector.

Advantages:

  • Block chain technology cannot be corrupte
  • This network check its data on every ten minutes
  • It is a king of a self-auditing system in which whatever an individual’s transacts it will be recorded automatically and this network re add all the transaction in every ten minutes.

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