“The Biggest Opportunity Set We Can Think Of Over The Next Decade."
Block chain, as the name suggests, is fundamentally a data structure that is comprised of blocks linked together as a chain. A block is a data structure in which the transactions are grouped together to form a logical container. This chain of blocks i.e. ledger is public as every node has the exact same copy and can access any transaction of any account.
Block chain technology can really be applied to not just a cyptocurrency like bit coin, but to any “asset” that can be stored, distributed or transacted – property titles, music, insurance, physical goods and assets, even your data
Blocks on the block chain are made up of digital pieces of information. Specifically, they have three parts:
Blocks store information about transactions, say the date, time, and dollar amount of your most recent purchase from Amazon.
Blocks store information about who is participating in transactions.
Blocks store information that distinguishes them from other blocks.
Why Block Chain Is Important
Now a days Block chain is hugely important for the business. The technology is continuously evolving and the next decade is going to be the decade of technology.
There is a constant flow of new technologies that are made possible by the invention of the block chain. Like many other ideas that have revolutionized our world, the applications of block chain stretch far beyond what we can imagine in our current day. It also removes the need for a third party or central authority to authenticate or process peer-peer transactions and hence increases transparency.
Reasons Why Is Block Chain Technology Important For Business?
Solving the problem of IP
Creating a better sharing economy
Opening up manufacturing
Prevents payment scams
Transactions in minutes
Benefits Of Adopting Block Chain Technology
Trace And Track Capability
High level of data security and protection against unauthorized actions
Advantage over competitors
Full control over transactions and data
The Three Pillars Of Block Chain Technology
Applications Of Block Chain Technology In Various Industries
Block chain can play a key role in the healthcare sector by increasing the privacy, security and interoperability of the healthcare data. With Block chains, the healthcare records can be stored in distributed data bases by encrypting it and implementing digital signatures to ensure privacy and authenticity.
Imagine if an infrastructure which is available and everyone can securely process transactional code and access the data that can never be tampered. All the transactions are stored in a form of a block which is very hard to manipulate or tamper once they are stored on a block chain
There is a huge opportunity for block chain technology to be applied in the retail sector. This includes everything from ensuring the authenticity of high value goods, preventing, fraudulent transactions, locating stolen items etc.
Block chain has started to change the way people interact with games, by introducing a new gaming trend: block chain-based games giving the possibility to earn for both players and owners. At the moment, these types of games are casual and built on collecting and exchanging operations.
What Other Block Chains Are There?
The bit coin block chain is not really made for companies to build apps and processes on. But a number of other companies have created block chain platforms to help firms interested in the technology build processes.
Ethereum, Ripple, Hyper ledger, IBM, R3, are just a few names that have developed such platforms.
Block chain is a new name in the world of technologies but it is definitely the one to last. Even in the early stages, the technology has gained huge popularity starting with their very first application of crypto currencies. More areas of applications are being discovered and tested with each passing day. Once the technology is adopted and accepted on a global level, it’ll transform the way we live today.
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