Can you imagine a world where you have the choice of sending the money across the border without relying on a bank? Well, this is the world where you have no money to pay the bank for the transaction and at the same time have complete control over your money and assets. There is no intervention from government agencies, and no one is there to manipulate things and thus keep things intact for your hard-earned money. Well, this may sound like a dream, though. Yet, it is very much possible with the help of digital currencies working with the help of a technology called a blockchain. The world seems very practical and moves around this technology, and we have examples like Bitcoin and other coins working on it. The fact is you can gain loads of information regarding this technology and the digital currencies that work on it. You can explore it on sites like https://bitql.app/. Nevertheless, you can find interesting facts about this technology in the following paragraphs:
Now let’s understand what blockchain technology is all about. In simple words, blockchain is a shared ledger, or you can even call it a database, which has access to different people relevant to the same. You can filter it quickly and keep things in order in any number as per the available users. It keeps all the data in groups known as blocks that have specific storage capacity. These are chained or linked to the previous block using this technology when it comes to the brim. With any subsequent info, one can easily create a block along with some immutable chain that keeps on growing all the time. In any blockchain, we find every participating computer or node having a complete record of data, which are put together right from the inception—for example, blockchain and Bitcoin fall as a record and every Bitcoin transaction using the same. Therefore, blockchain technology has a record of every single bitcoin transaction taking place ever made.
Blockchain can record information in a sense, making it very close to hacking, cheating, and changing the system. The record comes in different parts and is not transferred or coped along with creating an asset along with the immutable record. It is a decentralized kind of option that helps in real-time transparency and access. Though digital currencies have come up with popularity using the case with the blockchain technology that can help keep track of any asset from event patents and houses. It renders the full potential for disruption in different sectors. It has a tremendous amount of potential for disrupting different sectors. The classic example is the EC in India working with this technology associated with IIT Madras to carry out the remote voting process.
Another example comes from Plymouth University, which also has used blockchain in making elections effective and transparent. The benefit of blockchain technology is that it gives greater accuracy when it comes to handling data. Any transaction on a blockchain network comes with the approval of too many computer networks. It reduces the chances of getting errors and thus making the system very much more challenging to hack. The next big benefit one can get via lower transaction costs. When you are transacting the money with the help of any bank, you need to pay a hefty transaction and then verify the same. The next is decentralization, which means no central entity or location keeps all the transaction data. Instead, the blockchain is copied and then spread over the computer network.
When you add a new block, you need to copy and then reflect the required changes. It is yet another quality of blockchain, which further makes things tamper-proof. The next comes the efficiency of the centralized payment option that comes like any other transaction, particularly overseas one can consume a couple of days to settle. On the other hand, blockchain is working day in and day out to carry out the transaction that comes like acting like a matter of minutes. The other big benefit one can enjoy is the low technology cost. It saves loads of your money when it comes to transaction fees. Blockchain technology is becoming popular, and it has gained considerable space despite the concerns from government and central banks.