What can you do with Blockchain

What can you do with Blockchain

Blockchain is a distributed database that holds records of digital data or events using cryptography that makes them tamper-resistant. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet.
The most popular application of blockchain technology is Bitcoin, a best-known cryptocurrency for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.
Thought it was initially intended for financial transactions, businesses of all kinds are getting creative with the blockchain ledger, as it can be used to record, track, and verify trades of virtually anything that holds value. From ride-sharing to cloud storage to voting, companies in all industries are beginning to see blockchain’s potential.
The major innovation is that the technology allows market participants to transfer assets across the Internet without the need for a centralized third party.From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the “cost of trust.” For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.

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