Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain
Blockchain increases trust, security, transparency, and the traceability of data shared across a business network — and delivers cost savings with new efficiencies.
Blockchain is the technology that enables the existence of cryptocurrency (among other things). Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented.
Money transfers. The original concept behind the invention of blockchain technology is still a great application. ...
Financial exchanges. ...
Lending. ...
Insurance. ...
Real estate. ...
Secure personal information. ...
Voting. ...
Government benefits.
As mentioned earlier, IBM is the largest company in the world embracing blockchain. With over $200 million invested in research and development, the tech giant is leading the way for companies to integrate hyperledgers and the IBM cloud into their systems.
Limitation of Blockchain Technology
Lack of Awareness. There is a lot of discussion about blockchain, but people do not know the true value of blockchain and how they could implement it in different situations.
Limited availability of technical talent. ...
Immutable. ...
Key Management. ...
Scalability. ...
Consensus Mechanism.
This technology is going to be the game-changer in the days to come. ... By 2030, it could be used as a foundational technology for 30 per cent of the global customer base. By 2025, blockchain would add a business value that will grow to over $176 billion. This would increase further to $3.1 trillion by 2030.
Blockchain is not immune to hacking. ... The largest and best-known blockchain networks, such as Bitcoin and Ethereum, are public, and allow anyone with a computer and an internet connection to participate. Instead of creating a security crisis, having more people on a blockchain network tends to increase security.
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