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HOW BLOCKCHAIN TECHNOLOGY WILL SHAPE OUR FUTURE
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HOW BLOCKCHAIN TECHNOLOGY WILL SHAPE OUR FUTURE

The rising tech made popular by Bitcoin has applications extending far beyond banking and finance.

lockchain technology has taken the world by storm since its creation in 2008.

Made popular as the engine for the cryptocurrency Bitcoin, blockchain technology is now being considered as the answer for many different industries. With the ability to provide a secure and efficient way to transfer data, many predict that the technology is going to have a big impact on our future.

Although, what is blockchain? How is it currently being used? And what impact will the technology have?

What Is Blockchain?

Blockchain technology is a “decentralized” database that allows the processing and storing of sensitive information to occur on a peer-to-peer network. This means there is no one central authority managing the data and everyone on the network can see the transactions, guaranteeing accuracy.

It effectively cuts out the middlemen, such as banks, authorities or agencies, who need to get involved and verify transactions on a centralized network.

A block is a new transaction that has been registered in the network. This could be the movement of a digital currency, details of voting records or any other form of digital activity. As each new block is completed, it gets added to the chain of existing records.

Anyone can see the information recorded, even if the identities of the people involved are hidden. Blockchain uses cryptography to ensure secure transactions, with a chain of computers in the network approving each exchange.

How Blockchain Is Currently Being Used

There are many different ways that blockchain technology is being used around the world. Perhaps the most obvious (and well known) is Bitcoin, the first technology behind blockchain. While this isn’t the only cryptocurrency available, the incredible rise in value recently has led to it being widely talked about.

Bitcoin

Bitcoin started off as a low-key currency among tech enthusiasts, although the recent increase in its value has exploded the cryptocurrency into the mainstream. As well as its potential as an investment, Bitcoin is also used to pay for goods and services.

In fact, there seems no limit to what the cryptocurrency can be used for, with two luxury homes recently being sold in the UK using Bitcoin. It has also been used in certain countries to get around scarcity of local currency or high inflation rates. In some places, you can pay with it in physical stores, as well as online.

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The developing agreement among business leaders and entrepreneurs: The eventual fate of blockchain technology will be about much more than Bitcoin. Blockchain tech will affect each significant region of business from accounting to operations, and there's proof the unrest has started. online dissertation help uk
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