_{Clean png Cover Image designed using Pixelab}

25% Beneficiary to @Null

Hi, steemians,
It is with great joy that I take part in this week 3 engagement challenge even when I know it's a trial by error. Week after week, I see more intriguing contest themes in the different selected communities for this season's engagement, this week, this distinguished community also present us with a very unique topic as well. With the theme "Understanding Blockchain Technology In Business And Finance". Below is what I have to offer you all, Enjoy!

INTRODUCTION

Blockchain is a technology that’s been around since 2009, but it’s only recently become popular. It’s still not clear what exactly blockchain can do in business and finance, but there are some clear advantages to using this emerging technology.

WHAT IS A BLOCKCHAIN?

_{Clean png Designed using pixel lab}

A blockchain is said to be a disseminated ledger that records transactions across several computers. It is a list of blocks, which are linked and secured using cryptography. The blocks can only be added to the blockchain in specific ways, which makes it difficult to tamper with the information contained within them.

HOW DOES A BLOCKCHAIN WORK?

A blockchain is a decentralized ledger that stores transactions in blocks. Each block contains a hash of the previous block, which allows it to be linked with other blocks through a chain of blocks. The network of computers running nodes on this chain continuously verify and record each transaction, creating an unchangeable history for each piece of data that gets added to it.

This means that all parties involved in making sure transactions are accurate can do so without needing any centralized authority—they're simply checking each others' work on their computers! This makes it very hard for anyone else (such as banks or governments) to tamper with this process because they would need access from all corners at once; if someone does try breaking into one node, then another node will notice immediately and kick them out before anything happens again!

HOW CAN BLOCKCHAIN BE USED IN BUSINESS AND FINANCE?

As a ledger, the blockchain holds records of every transaction ever to have happened on the network. Contrary to banks, however, public blockchains present this evidence open to everyone on the system. This, therefore, means that evidence, information or data about all transactions carried out in a blockchain can be freely accessed from part of the globe, as long as you have an internet connection. Therefore, depending on the various blockchain available, it can be utilised as a means of;

✔ TRACKING ASSETS:
Blockchain can be used to track assets, like cryptocurrency since transaction data stored in public blockchains are available to everyone.

✔ TRACKING TRANSACTION:
When cryptocurrency payments or transactions are made to a given address in a blockchain, details about that transaction are added to the blockchain.

Each transaction contains the transaction data, the amount of cryptocurrency transferred, the sender’s address, the receiver’s address and the timestamp, also, each transaction is assigned its peculiar transaction ID (TXID). Thus, making it easier to track transactions

✔ RIGHT OF OWNERSHIPS:
The records stored in a blockchain are encrypted. This indicates that only the owner of a record can decrypt it using a public-private key pair.

WHAT ARE THE ADVANTAGES OF BLOCKCHAIN TECHNOLOGY?

The advantages of blockchain include;

TRANSPARENCY:
This can help you know how your money is being spent and where it’s going. You won't have to trust someone else with this information, as it's all stored on the blockchain itself, which means no one else can change or delete anything unless they're permitted by everyone who owns their part of it (aka miners).

DECENTRALISATION:

_{Clean png Designed using Pixellab}

For a blockchain network to work properly, every single user must have access to their copy of the database via their device—which means there will always be an equal amount of power held within each node for things like fraud prevention measures like double spending attacks (where one person spends money twice) not happen!

This also means that if anyone tries stealing something valuable or sensitive through hacking or other means such as malware infection then everyone knows immediately because there's no way around being able to view everything happening at any given time within its entirety without any sort of "glitches" occurring alongside them when attempting

HOW DOES CRYPTOCURRENCY AFFECT BUSINESS?

Cryptocurrency is a decentralized digital currency that uses cryptography to regulate its use and generate new coins. It's also the most popular form of cryptocurrency, accounting for more than 80% of all the money invested in cryptocurrencies.

Cryptocurrency is used as a medium of exchange and has no central authority to manage it. Instead, it uses peer-to-peer networks (also known as "blockchain") to verify transactions without involving any third party or centralized server

The first cryptocurrency was Bitcoin, which was introduced in 2009 by an individual using the pseudonym Satoshi Nakamoto. Since then many other cryptocurrencies have been created and released into circulation—some with specific purposes like Litecoin or Dash while others just exist as collectables like Dogecoin or Monero (which both focus on anonymity).

THE GOALS OF BLOCKCHAIN APPLICATIONS IN FINANCE AND BUSINESS?

Perhaps no industry sits to profit from incorporating blockchain into its moods of operations more than the Business and Finance Sector.

_{Clean png Designed using pixellab}

Financial establishments operate wholly during business hours, which is mostly five days a week, with Fridays even cut short as it signifies the beginning of the weekend.

This only means if you wish to deposit a check at 6 p.m. (or even by 4 p.m) on Friday, you are most likely to wait till Monday morning (hopefully by 9-10 a.m) to receive that money in your account or even have the chance to deposit the check.

Sometimes, even when you make your deposit during business hours, the transaction still takes time to verify due to the sheer volume of transactions that banks are expected to settle. Whereas Blockchain never sleeps, unless you are out of data or lack internet.

By incorporating blockchain into financial institutions, users/customers can see their transactions being carried out in just a matter of minutes (for as little as 10 minutes). This is virtually the time required to add a new block to a blockchain, regardless of holidays, weekends or the time of day or night. It is virtually 24 hours a day, 7 days a week even on Christmas day.

With blockchain, banks would also be presented with the chance to exchange funds between establishments more promptly and securely. For example, the settlement and clearing process in the stock exchange industry can take up to three days (or longer, if trading internationally), meaning that the money and shares are frozen for that interval.

Blockchain technology retains the potential to enhance the financial industry for good. The goal of blockchain applications in finance and business is to reduce the cost of transactions, increase security, reduce the time it takes to complete transactions, and make transactions more transparent and trustworthy.

Blockchain is a decentralized ledger that tracks transactions across thousands of computer systems. It's a distributed database system, meaning it's stored on multiple computers and can be accessed by anyone with an internet connection. The records are permanent and cannot be altered without the consent of all parties involved in a transaction.

Blockchains can be public or private, depending on how they're governed—the former being more open-source than its counterpart (and therefore easier to use).

FUTURE OF CRYPTOCURRENCY IN THE BUSINESS AND FINANCE SECTOR?

Cryptocurrency is still a very young technology. It has only been around for about ten years, and there are still many unknowns about how it will evolve in the future.

In terms of business and finance, cryptocurrency will continue to grow as more people start using it as a currency or payment method.

Cryptocurrency is also being used for non-monetary purposes such as voting and trading assets on platforms like eToro (a stock exchange). This means that blockchain technology can be applied outside of just banking institutions or government entities—and this makes it even more disruptive than before!

Cryptocurrency is based on blockchain technology built on a distributed ledger system.

Blockchain is a type of technology that allows users to make transactions without the need for a third party. Cryptocurrency is a type of currency that is based on blockchain technology. You can think of cryptocurrency as digital money, but it's not regulated by any government or central bank like fiat currencies are.

Blockchain has the potential to become one of the most disruptive technologies ever created because it is so resilient to attacks and hacking attempts.

Blockchain is a decentralized ledger, which means that each block contains only one piece of information. This allows for massive amounts of data to be stored on a single network without being duplicated or stored in more than one place.

In addition to its ability to store large quantities of information securely and efficiently, blockchain technology can also be used as an open-source public record-keeping system—and it's not just limited to financial transactions or other business matters! For example, you might use a blockchain platform like Ethereum or NEO if you want your company's employees (or yourself) to be able to see what they've done while they were working there so they don't have any questions later managing things at some point in time during their career path.

In business and finance, blockchain technology can be used to track assets and securely record transactions with greater accuracy and efficiency than previously possible. A blockchain is a distributed ledger system that maintains a continuously growing list of data records linked using cryptography. Every time something new is added to the chain, it must be verified by all parties before being accepted as legitimate. This prevents tampering or alteration of entries on the ledger without detection.

Blockchains are decentralized systems: no single entity controls them; rather they are controlled collectively by their users through consensus mechanisms such as Proof-of-Work (PoW), Proof-of-Stake (PoS), or Delegated Proof of Stake (DPoS). They also use encryption techniques such as hashing functions to ensure security against cyberattacks while allowing anyone who has access to read transactions at any point in time during history when they were made available publicly on an open source platform like Ethereum’s network which runs smart contracts written over these ledgers called “DApps”

Blockchain removes the need for intermediaries and third parties to confirm transactions, which increases security while also reducing transaction costs.

The blockchain allows for a distributed ledger that can be used to track assets from one party to another without having to rely on an intermediary like banks or governments. This means that you no longer need an intermediary who might have been hacked or colluded with other parties for your information (such as money) to be transferred securely and quickly.

Cryptocurrencies are a great way to buy goods and pay for services online. You can use them for international payments and make payments without having to go through intermediaries or pay high fees.

Blockchain allows people to bypass banks and financial institutions when transferring money between individuals or businesses, greatly reducing the cost of sending payments internationally. By using blockchain, you can send a payment from one party to another without having to go through a bank or other financial institution for it to be processed. This means less time spent waiting on hold with your bank and more time spent doing what matters most: making money!

Blockchain technology has been around since 2008 but it wasn't until recently that we started seeing more widespread use of this new way of sending money around the world. One reason why this trend is happening now could be because many people have been losing trust in financial institutions over recent years due to scandals such as Wells Fargo's fake account scandal (which occurred in 2016), where employees opened millions more accounts than they were authorized by law; JP Morgan Chase's $2 billion trading loss (2016); Credit Suisse Group AG's €1 billion ($1 billion) fine for helping wealthy investors evade taxes during the housing bubble busting period between 2006-2009 etc.

The ultimate goal of blockchain applications in business and finance is to empower users by removing restrictive barriers that lead to high fees, long wait times, intermediaries, and third-party involvement in transactions.

Blockchain technology can be used to track assets and securely record transactions with greater accuracy and efficiency than previously possible.

Blockchain technology is disrupting business and finance in some good ways.

Blockchain technology is disrupting business and finance. It's a decentralized ledger, which means that it’s shared among thousands of users. The blockchain ledger allows for the secure recording of transactions in an immutable way, so no one can tamper with it or manipulate the data.

Blockchain can be used to track assets and securely record transactions between two parties without needing a third party like a bank or financial institution involved. This makes it ideal for those who want to avoid costly fees associated with traditional banking systems or want better control over their money flows—and even if you don't need blockchain itself (or its related technologies) right now, these ideas may still apply:

Blockchain technology could reduce transaction costs by eliminating middlemen from the equation;

It could also enable faster settlement times at lower fees than traditional systems allow;

And finally, It might even make sense as part of your business strategy if you have something valuable worth protecting against theft!

CONCLUSION

In conclusion, the future of blockchain technology is very exciting. It will disrupt business and finance in many different ways, but it has the potential to change the way we do business forever.

---

I wish to invite @kouba01, @patjewell and @preye2, and any other persons who would like to participate too to CLICK HERE for more instructions.

---

Thank you all for always making out time to go through my work, and I only hope you enjoyed it😉😁. I can never say thank you enough. You are my real MVPs.

---

---

---

NOTE: Always have a smile on your face, as you are never fully dressed without one.