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What is blockchain technology? What is its impact on our economy?

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 For beginners: What is blockchain technology? What is its impact on our economy?

And "blockchain" has been the most used term recently! The technology is known by this name, but it is not the actual mechanism underlying it directly. You may have heard of it as a digital notebook in a distributed network, however, it is much more with the highest security system for your valuable data or financial transactions.

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What is blockchain?


It's not just about Bitcoin (BTC)! From the digital concept it is to store transactional data in non-tamperable and chained blocks, which makes the data immutable. Well, the most interesting part is that once the data is entered into the network, it cannot be changed or undergone any additions! Whereas in the event that you are prompted to edit it, a new block will be created with mod updates and everyone in the connected network (who has access to the network) will be able to see it.

The main point here is the revolutionary mechanism that keeps track of records of whatever happens in the network, prevents potential foreign elements from tampering with and of course a complete network to prepare for the traceability of data for an organization, a business, or just a public network.

Is blockchain just an extended version of Google Docs?


Not right! Initially, Google Docs was a pleasant surprise to those who need real-time editing without problems exchanging files again and again. The companies were choosing "google docs" and using it because it allows the user to track the modifications made to the files, but the blockchain is not the actual competitor to Google Docs at any time, as you will find a big difference in terms of security, access, computing power, and above all, a complete balance between transparency and scalability.

How is blockchain better than anything else you know?


You may have seen a lot of blockchain application development companies offering their services and the latest forms of technology that they apply. Well, you may not have understood the technical terms but it is imperative to know why blockchain is preferred over any other trend technology. Here is a possible answer

Transparency


All businesses that have ever tasted failure would have blamed transparency in one way or another which is why you need to incorporate blockchain technology into your business! Each addition data includes a set of blocks that will be included in the network explaining the modifications. The process allows for complete transparency as all recorded information is public information, which further contributes to a clear and accurate approach to dealing with business data.

Corruption fighter


The entire blockchain network remains in compliance, it is the network that automatically checks on its own every ten minutes or simply a self-auditing system with a numerical value. The process creates all recorded data (during an audit) as a block that cannot be altered or destroyed to ensure complete data security.

Decentralization


Decentralization is the next mega wave in technology as a global network of computers takes advantage of blockchain technology to jointly manage database registration transactions. For example, the Bitcoin case involves the aforementioned procedure which clearly indicates that Bitcoin is managed through its network and not by any single central authority.

How does blockchain contribute to developing an economy?


Right after the rise of projects like Uber and Airbnb, the sharing economy is gaining popularity. Since “Uber” does not own any cars and “Airbnb” does not own any properties shown on the network. This was a possibility with the help of individuals wishing to lend their assets against a broad client base. Well, this is unique, but why not everyone simply apply the popular technology if it can provide potential for this lucrative future?

Non-converts to blockchain technology have certain reasons not to follow the trend

  • High fees

  • trustless

  • Lack of transparency
Often a project requiring the business owner to pay higher fees with lower profit margins often allows. Some may develop trust issues when there is no transparency between the users and the administrator, and this categorically leads to lower results.

To combat related problems, companies have shifted their focus to blockchain-based sharing economy platforms. Which is more beneficial to use at a lower cost and provides the necessary transparency to dispense with the requirements of the third party to deal with commercial relations along with the following documents. Every transaction added to the network will be recorded so that all users can review the network operations. Blockchain-based networks come with smart contracts that cancel broker fees and accommodate peer-to-peer transactions.

Blockchain has reached the next level of transparency through the features we desperately need to obtain transaction data in the best possible way! So it is time to search for blockchain application developers and work on launching your business using the latest groundbreaking technologies for a better future!
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