A secure general ledger where individual entries are validated by disjointed numerous systems across the Internet. As each individual transaction is validated the entire chain is validated. This creates a secure transaction that is held in numerous servers in diverse geographic locations.
The validity of the transaction and the data included is guaranteed by the size of the pool of individual systems and the complexity of the hashing algorithm. The same operation could be executed by a single company or consortium of entities but this structure can be a recipe for error, fraud and inefficiency. But because members on a blockchain share a common view of the truth, it’s now possible to see all details of a transaction end-to-end, reducing those vulnerabilities
Blockchain will greatly modify the way transactions are recorded and maintained in every industry. The secure nature of a single journal entry has advantages for companies in shipping, insurance, health care, real estate, legal registrations, company fidelity programs, financial transactions including credit cards among others. block chain blockchain technology
There are many areas of a business where a blockchain structure could significantly help achieve the company's goals.
Single, shared, tamper-evident ledger — once recorded, transactions cannot be altered
All parties must give consensus before a new transaction is added to the network
Eliminates or reduces paper processes, speeding up transaction times and increasing efficiencies blockchain technology
Blockchain is distributed. It works as a shared system of record among participants on a business network, eliminating the need to reconcile disparate ledgers. It’s permission controlled, each member of the network has access rights so that confidential information is shared on a need-to-know basis. Secure Consensus is required from all network members, and all validated transactions are permanently recorded. No one, not even a system administrator, can delete a transaction.
Free up capital
Lower transaction cost
Provide security and trust
Blockchain is creating extraordinary opportunities for businesses to come together in new ways
Exploit different business models and eliminate inefficiencies.
Optimize ecosystems and Streamline business processes and the exchange of value in your ecosystem.
Reduce risk Replace uncertainty with transparency through a trusted decentralized ledger. artificial intelligence block chain blockchain technology
A cryptocurrency is generated by a blockchain algorithm and usually used only to pay those systems participating in validating a transaction. The party originating the transaction is required to pay for the transaction and that is accomplished by purchasing some “coins” before executing the operation.
In short, programmers would be paid with the very project they were working on. Let’s say “sweat equity”.
Successively other individuals and groups found that “purchasing” some coins was, in fact, equity in the project.
The farther the project progressed the more the individual coin was worth.
Like all things, as the sector matured and became more mainstream, different use cases were developed. Some of those, legitimate, others questionable at best.
Which of all the blockchain projects will last over time is like picking which start-up will still be a viable company in 5 years.