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5 Things you should know about Blockchain

In this article, e will discuss the Major points of blockchain. You should know about blockchain technology works in different industries. Let's Start

  1. Pioneering Decentralization

Instead of relying on a centralized authority, blockchain is a feature through the collection of nodes. Each node has direct access to it through a private key thus making the system decentralized. 

  1. Immutable Approach

Immutable means something that cannot be changed or altered. All the information once stored on the block is verifiable & auditable but it is not editable. 

  1. Highly Secured 

As there is no central authority, no one can alter the characteristics of the network for their benefit. It uses a special disguise called " cryptography" which adds another layer of protection. Blockchain is helpful in cryptocurrency development. 

  1. Faster Cross Border Transactions

Blockchain offers faster cross border transactions as compared to traditional systems. Traditional systems take 3-4 days to make transactions whereas blockchain does it faster. 

  1. Consensus Algorithm

The consensus algorithm is a procedure through which all the peers of the blockchain network reach a common agreement about the present state of the distributed ledger. The consensus algorithm is responsible for maintaining the integrity and security of the blockchain. 

 

Blockchain Uses in different Industries

 

Blockchain applications are used in different industries like: We will discuss one by one. 

  1. Healthcare 

Blockchain manages healthcare records with secure storage. And share the health data with authorized doctors or medical teams. 

  1. Banking

After the use of blockchain in the banking sector, Funds quickly transfer & allow instant transactions. It is improving work efficiency & reducing the cost of securitization and Crypto wallet services. 

  1. Energy

Blockchain decentralization of energy market. It provides the facilitation of p2p energy transactions. 

  1. Insurance

Blockchain manages the insurer's identity with smart contracts. Smart contracts dependent on real-time data.

  1. Transportation 

It helps P2P ridesharing Apps manage terms & conditions between car owners and users without 3rd party intervention. 

  1. Real Estate

Blockchain helps in real estate with smart contracts for transparency and problems of bureaucracy, fraud, and incorrect public records. Easy tracking, verifying, and transfer details management for new buyers. 

 7.  Financial Services

Blockchain uses in financial services. It improves trade settlement services. It reduced costs in international payments with better speed.