INTRODUCTION TO CRYPTOCURRENCY FOR BEGIGNERS :BLOCKCHAIN

steemjetnewbies (55)in #blockchain • 6 years ago (edited)

USES OF BLOCKCHAIN

Blockchain is the skeletal structure of cryptocurrencies; it lays the foundation for transaction and keeping ledger. Blockchain has so many uses and this write up will briefly explain some of its uses;

SMART CONTRACTS

These are contracts that can be implemented without human interaction or involvement; some smart contracts can be fully implemented without human interactions while some still needs a little bit of human involvement. One of the main goals of smart contracts is automated escrow. An escrow is a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties automatically with the disbursement dependent on conditions agreed to by the transacting parties.

BANKS

Banks are now switching to the blockchain technology, because blockchain serves like publicly displayed banks where their transactions are open to be seen and there is no central authority controlling it. The blockchain provides a ware house for cryptocurrencies. Bitcoin is a blockchain and the name of its coin is bitcoin, and it’s used for transaction around its blockchain. Ethereum is a blockchain and the coin used for transaction around its blockchain is ether, also ethereum is a warehouse to many ERC20 tokens which are all under ether and they all relate their value to ether.

OTHER USES

Blockchain technology can be used for virtually so many things, it can be used to create a permanent , public, transparent ledger system for compiling data on sales, tracking digital use and payments to content creators. Blockchain technology is already revolutionizing the information sector. The way data and information are processed within the blockchain is very unique, amd every information system is adopting it. Crptocurrency are way up in the lead.