Blockchain based technology has the ability to transform traditional businesses. The distributed ledger technology is able to eliminate large amounts of record-keeping, save money and improve IT solutions. Blockchain is a foundational technology that can be implemented by any size of company to better it’s economical, social or technical system.
Blockchain is useful as it removes the governing body by decentralizing the process. It is a peer-to-peer network with a distributed timestamping server, where information is exchanged between disparate parties. Each user is an administrator, eliminating an overseeing administrator. This type of technology is useful to speed up processes, reduce costs and increase efficiency.
Today every transaction, contract and record is overseen by governing bodies that can take time to analyze, but with blockchain these critical functions can be kept up with, through digital transformation — blockchain enabled technology. In industries where change is needed to speed up processes, blockchain enables a future solution.
Blockchain will allow a world where every interaction between people and companies can be embedded in digital code and stored in a ledger. This process is transparent, secure and protected. Verified digital records and signatures would be stored, eliminating the need for intermediaries in the process.
Blockchain stores data using mathematical and software rules that ensure security for users. Each transaction ever made on blockchain can be found on the accounting ledger. Each transaction has a unique cryptographic fingerprint and a key which is passed every time an agreement is made to share data. Each transaction has to be agreed upon before it is recorded and this is encrypted and linked. Blockchain is able to disrupt and transform the industries where data is highly confidential and where data needs protecting.
Today users give and share their data away everyday to online apps to use free services from them, some examples are Facebook, Google, LinkedIn and more. Data analytics firms use the data from big online companies that store your data that often lead to data breaches. Blockchain prevents this as each request to receive information must be verified by the creator of the data.
Blockchain enables fast and economical transactions to take place without the need for intermediaries and high costs. Transactions can be fast, recorded and easy to be made by anyone anywhere. Ensuring that transactions can be authenticated and verified is made easy through blockchain as everything can be traced.
Through a single record-keeping digital ledger transactions can be completed faster and more efficiently which is shared among agreed participants through this blockchain enabled technology. As companies need to keep costs down, blockchain enables transactions to happen between two parties, eliminating middlemen.
Blockchain technology enables tokenization, or earning tokens through the transfer of data on the internet. The products and services that create these tokens attain fluidity and liquidity making them global and compatible to all internet users. Earning tokens for each transaction on blockchain enabled technology means that you can own tokenized digital currency in your digital wallet.
For Etheraffle the potential for disruptive applications built on the Etheraffle platform is significant. Etheraffle’s blockchain-based architecture and its potential benefits can transform and enhance traditional businesses.
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