You may have heard about blockchain and might have wondered what it is and how exactly it works. An interesting fact is, five out of ten times, one way or the other, you just might have unknowingly been a blockchain user.
By the time you are done with this piece, we hope you have a full understanding of blockchain. If not, the graphic story below, courtesy of BitFortune will help you gain an even better understanding.
Blockchain enables decentralized transactions across P2P networks. It eliminates the need for a middleman, thereby making transactions happen way faster. It goes further to not only save time but also costs, by enabling instantaneous operations and doing the work of a couple of persons or more.
The whole process is quite easy and fast too. First, the transaction request is made, which is then broadcast to several P2P networks for validation of transactions and the user’s status. After various verified transactions might have been confirmed, the transaction is then marked as completed and you are good to go.
Voila! As easy as A-B-C!
Blockchain helps participants confirm transactions without having to consult a central authority. Even more interesting is the fact that the chain can be mutually owned and distributed by a considerably large number of people. Furthermore, it comes with immutable ledgers whose proof of records cannot be tampered with or disputed.
The greater news here is that it is available and has been made easily accessible to the general public. Several C-level executives, healthcare providers, banks, IT leaders, and a host of other industries are making use of blockchain. Reports have it that Microsoft and Accenture teamed up to create a prototype blockchain-based ID system, for a U.N.
project, aimed at providing legal identification for more than 1 billion people. This only goes to show that the possibilities of blockchain are limitless and it offers a whole lot of implementations for different industries. Some certain countries have started using the system for voting and it is only a matter of time before this is incorporated worldwide.