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16 March 2018, 17:58

What’s Makes Blockchain Such an Amazing Technology

Within the consciousness of an average user the term blockchain is associated with the Bitcoin currency. On one hand, the popularity of the Bitcoin attracts the interest to blockchainnig, while the cryptocurrency is mostly associated with something forbidden and negative and prosecuted by law.

Actually, blockchaining is the tool for saving the data of transaction. The tool cannot be considered good or bad – it is defined by the purpose for which it is used. The tool and the usage are totally different things.

The blockchain can be applied for any type of business if it is introduced as some sort of transaction. There are a lot of projects based on blockchaining and you will be surprised to hear that the projects deal with logistics, law cases and even medicine. There is more potential to grow with the development of new technologies.

The amazing features of the technology

There are some traits of blockchain that make it so special and applicable for a wide range of businesses.

  • Transparency. This is the point that has made the blockchain so attractive for business activity. The blockchains have got an open source code and changing it will not stay unnoticed. That’s why a variety of financial machinations, especially those with older data are almost impossible.
  • Lowering of transaction expenditures. There is no need for a third party assistant like a bank or a lawyer. The expenditures are greatly reduced by means of blockchaining.
  • Increase the speed of transactions. The standard banks require several days in order to accomplish the operation. It all depends on the bank hardware and software. In addition, all the banks have the time of work and it is limited. Moreover, various banks can be located in different time regions. The blockchain technology works independently nonstop while there is a working internet. Such ability of the tool can increase the speed to an unbelievable level.   
  • Decentralization. Another positive feature of the system is that there is no official center of data collection. Each portion of the information is placed within a block that is on the personal computers of the users throughout the world servers. That makes hacking impossible as there will be only one block hacked and without other blocks it is totally worthless.

We observe the technologies which make the future possible and cryptocurrency creation can be considered a successful experiment and starting point before the new applicability of blockchaining will be put into practice.

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