Cryptocurrencies like Bitcoin may have neglected to unseat their more customary opponents, yet the innovation and technology that supports Bitcoin may yet realize a transformation in the fund and different businesses. This technology is known as the "Blockchain".
The blockchain is a technology that stores the details of each and every transaction and acts as a digital ledger or a decentralized database which provide the transparency, which is helpful in preventing the exchange of any cryptocurrency twice without any need of any financial institutions.
Practical working of Blockchain:
In the transaction of the cryptocurrencies, the blockchain stores the data of each and every transaction and prepare a digital ledger or database to maintain transparency as the currencies should not use spend twice in the market.
Reason to be Revolutionary:
Blockchain technology can be used for every type of transactions which can be in any form like value, money, goods, and property and have a limitless potential that can be used for collecting taxes and exchange the money worldwide without any immediate, It can also reduce the fraud in the transaction as it provides the transparency in each and every transactions.
This Revolution can change the future and potentially can replace banks:
Banks, governments and other social media platforms like Facebook work to establish the identity and transfer values and settlement of any transaction with limitations. They charge money for their services, capture our data and undermine our privacy all of them uses the centralized server which can be hacked.
Blockchain, the first ever digital medium that provides the service of peer- to -peer value exchange. It works over the protocols which have several sets of rules in the form of heavy encryption which will ensure the integrity of the data traded among the devices linked all over the connection without any trusted third party. Blockchain act as a ledger of an account, a database, a notary, clearing houses and sentry.
Re-engineering deep structure of the firm and it’s shared value creation can be done through the global peer-to-peer platform for identity, reputation, and transaction. The financial service industry is already being disturbed by blockchain and it will be benefited for every business, institution, and government.
Blockchain technology can usher in a halcyon age of prosperity for all.