While people were busy with Artificial Intelligence and Machine Learning, Block Chain technology surged in discussions. Even though it is a well heard term, however, many of us are still unaware of what it actually is! What is Block Chain? Block Chain is a continuously growing list of records called blocks that are linked and secured using cryptography. By design a Block Chain is inherently resistant to modifications in the data. It allows digital information to be distributed rather than copied, creating backbone of a new type of Internet. Applications: Decentralized Cryptocurrencies: In the era of cryptocurrencies, digital coins and virtual coins, security comes first. The blockchain records transactions on a wider, digital scale. It extends across the globe where each node in the network records and verifies the data of each transaction that occurs within the network. Records are permanent, comprehensive and public and blockchain comes to rescue when the asset is questionable or risky. Financial Services: The traditional system of financial services that involved mediators to interrogate and resolve conflicts led to erroneous and delayed decisions. It would cost tome, money and stress. With blockchain, the system has become cheap, transparent and efficient. Examples of financial services beneficiaries […]
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