What is Blockchain Technology

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Blockchain Technology

Gone might be the times when hacking or cheating the system was quite easy. Stealing digital assets could get a lot harder with a technology that undeniably proves ownership. The Blockchain technology is a system, compiling all records, making any movement traceable. Since the blockchain consists of many chainlinks, it is near impossible to change any data and cheat the system. The technology distributes and and duplicates all the digital records on the entire network of the blockchain.
Each block within the blockchain records the number of transactions an asset went through, thus when a new transaction occurs in the blockchain, it is added to the record. The entire database consists of all records the multiple participants went through, known as Distributed Ledger Technology. A customer can use blockchain to buy a token representing an assets. Each token consists of an html to the first chainlink and the location an asset is saved at.

Benefits of the blockchain technology

For many businesses the blockchain can offer a wide array of benefits even beyond the security a decentralized system brings.

Assurance

The blockchain creates trust between different entities where trust is either still nonexistent or unproven. For new business partners this generates possible dealings that might have been impossible or rarely achievable before. Businesses can feel much more secure while sharing data and assets they might have been cautious sharing before.
The security given by the technology allows for confidence and more dealings with partners that might not have any relationship before.

Decentralized Structure

The principle of a decentralized structure is based on the idea of not having any main actor that is enabling trust. Since no entity is exclusively in charge, the blockchain can level the playing field and enable business partners to see eye to eye without having to worry about power imbalance. Information policy also becomes less of a problem, since every part of the supply chain has the same access to any chainlink without any party being in charge.

Low costs

Blockchain can be beneficial for businesses because it helps in providing a low cost option for sharing information. Businesses don’t need to take care of the distribution, structure and collection of data, which makes transactions more efficent.
Thus blockchain brings efficiency along with the cut costs by improving the supply chain. The improved supply chain enables the fast delivery of the products. It reduces the low costs by removing the third party, middlemen or the vendor involved between the operations. Hence the efficient results are guaranteed due to the use of blockchain technology with low costs.

Immutability

As far as the immutability is concerned, blockchain technology does not allow any change in the recorded transactions. It also does not allow the deletion of any information in the transaction. All the transactions on the block are timestamped and date-stamped as well. Hence the permanent record of every transaction is placed on the blockchain technology. Apart from that, blockchain is able to track the information thus providing a suitable and a reliable platform for the organizations.

Speed

By eliminating all third parties, as well as replacing remaining manual processes in transactions, blockchain can handle transactions significantly faster than conventional methods. While some blockchain transactions might be able to be handled in mere seconds, the rate of speed is dependent on multiple factors. The size of each data block in the blockchain does influence the speed of each transaction. Even though experts have concluded, that blockchain still enables faster processing than other traditional technologies.

Blockchain is changing online advertising

Experts are striving to promote online advertising through blockchain technology. The accuracy and reliability it provides paves the way for the accountability of the advertisers, publishers, brands and as well as the consumers. Using blockchain for online advertising enables the minimization of all possible frauds involved in the multistep procedure of online advertising.

Future of Blockchain

In the future blockchain might find its way into near every industry. Due to its high reliability and transparency, it offers possible prosperity to companies taking advantage of its many benefits. The technology can be used to realize a more efficient and economical industry. Blockchain is far from perfect, yet it undeniably brings a lot of advantages with it.

References

https://www.techtarget.com/searchcio/feature/Top-10-benefits-of-blockchain-technology-for-business

https://www.cmswire.com/digital-marketing/how-blockchain-is-changing-advertising/#:~:text=Blockchain%20technology%20has%20the%20potential,industry%20for%20years%20to%20come.

https://www.timreview.ca/sites/default/files/Issue_PDF/TIMReview_October2017.pdf#page=6

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