When the entire globe was on the verge of financial disruption and stress, faced by sudden economical crash around the year 2008, the world witnessed the downfall of some giant financial organizations, banks and exposed biggest financial scandals ever. Eventually people started to distrust all this financial aids. It was around the same time when a person know by the pseudonym Satoshi Nakamoto introduced the revolutionary cryptocurrency Bitcoin thus the word Blockchain also came in to lime light. Blockchain became backbone of a new type of internet by allowing digital information to be distributed but not copied. Blockchain was initially devised for bitcoin. However, it is quite difficult to know how blockchain exactly works and seriously speaking you don’t have to go to that extend but a basic knowledge would suffice your requirement.
Basic knowledge on how a Blockchain works
Assume a person requests for a fund transfer (digital transaction) with bitcoins. The transaction is then broadcast to a P2P network that comprises of computers know as nodes, where it is verified involving any information, records, contracts or cryptocurrency. The first step here is to check on the bitcoin price. The best part is that they are not redeemable for another commodity for it has no intrinsic value. Secondly it has no physical form. The network here is completely decentralized giving no space for any banks or third party.
After completing all the verification process the requested transaction is united with other to block of data. Then the fresh block is added to the blockchain which is then unaltered and remains permanent. Eventually the operation is completed. Regarding the durability and robustness of blockchain, most of the high end users have said it to be a revolutionary invention as it truly has given a new definition financial accountability with no missed transactions or error and the best part is that no third party is involved. The identity and reputation of the user is decentralized thus the data remains within themselves. There are many setups that provide blockchain solutions for various other organizations.
Some of the solutions that blockchain provides
Blockchain solution is considered as companies that are specialized in solution and design blockchain technology. This setups helps other companies or organizations that needs All in one blockchain solutions or to explore its potential exports. Majority of companies who need assistance are those for whom the blockchain plays a prominent role in major strategic impact and offers a tactical opportunity to improve and optimize present situation or trends on their business. They also help the customer who has interest in blockchain technology for fund transfers. With a number of emerging online fraud cases, this solution setups helps you understand the basic requirement for a save transactions as well as data security. One of the main usage of blockchain is crowd funding, that helps new and upcoming investors or entrepreneurs to collect the required fund without actually have to fall for high commissions or fees that a third party demands. Also, by enabling peer to peer payments the blockchain allows both the parties to communicate directly without any form of intervention. When blockchain is considered to have the potential to take us to “a new paradigm of economic cooperation”, there is no second thought about it.