Published on March 15th, 2018 | by Guest0
A Simplified Explanation to the Intricate Notion of Blockchain [Infographic]
The year 2017 saw an enormous development in the cryptocurrency prices, leading people to find out about the underlying technology of the cryptocurrency which is blockchain. As much as the technology is becoming famous in the world and corporate giants are seeing the future present in the blockchain, there is a large majority of the people that consider the process of blockchain intricate and is not being able to make use of the technology as it doesn’t understand how it operates.
In order to make the advantages of this technology known to every faction of the people, the team PacBlock, the blockchain technology service providers have brought for its readers an illustrated work in the form of an infographic to help them develop a better understanding of the blockchain technology.
The seemingly complex blockchain technology works in an easy way. the blockchain if explained in simple words can also be called a record book. The blockchain maintains a ledger of records in a distributed manner, in the form of blocks, so information can be corrupted or edited by an external user.
As the meaning of technology is explained, the process of sending money using blockchain technology becomes easier. To send money, there is an exclusive stream created for each transaction, where info is sent to all the members on the network so its verified from all members. Once the validation is done, the activity of fund transfer takes place. This feature of verification is what makes it currently the most secure system in the world of technology. No activity on the blockchain can take place if any of the members on the network object to the transaction.
This where makes it the most robust system for fund transfers and maintaining transactional records, it also eliminates the need for a third party or middleman like a bank. It’s a decentralized system, which gives an irreversible information that is recorded in a permanent stream of information to keep it more secure and without any fee charges like are charged by the bank. The property that it’s a decentralized system gives members of the blockchain network an autonomy to self-regulate their operations.
While the world is still using blockchain to record financial transactions, our reader shouldn’t remain oblivious to the fact that the technology is not limited to finance only. The scope of blockchain spreads to different industries like Supply Chain Management, Insurance, Retail, Private Transport, Voting and Energy.
The technology is widening its canvas to disrupt several industries, therefore, it can be said with conviction that the blockchain technology is here to stay.