Blockchain Technology and it's Applications
Assalam O Alaikum |
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Hello Steemians! Well come to my post. How are you all? I hope that you will be doing well by the grace of Almighty Allah. I'm also fine and enjoying my day. Today I'm here to share my knowledge about the "Blockchain technology and its uses " in the Steem Alliance community. Let's start the task.
What is Blockchain technology? |
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The Blockchain is a digital decentralized network which is composed of distributed ledger, that holds and verify the transactions within the network. The Blockchain networks are consists of various blocks which are interconnected with each other and each block record and store transactions data within the network. The Blockchain networks provide very secure of verifying transactions because all the information of these transactions are recorded on that specific Blockchain system.
When any of the transactions happens in the network it added, recorded and secured in any of specific block of and then that block connect with another block and thus it makes a long of information. The Blockchain networks provide a secure way of transactions because all the data of these transactions are transparent and in the sight of every one. In thus way the Blockchain networks are very secure and may be very less chances of frauds are present.
Applications of Blockchain technology |
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As in the above section we have discussed that the Blockchain networks provide a secure and fast way of doing transactions and that is why the people's trust are increasing day by day on the Blockchain networks. More due to all these characteristics we see a large number of applications of Blockchain technology in our daily lives. So let's take a look at some applications of Blockchain technology.
1. Use in Cryptocurrencies;
- The Blockchain technology is widely used in Cryptocurrencies like Bitcoin and Ethereum. In these Cryptocurrencies the Blockchain networks provide secure and safe way of transactions and in addition the peer to peer transactions can also be done due to the Blockchain technology.
2. Use in Real estate;
- The Blockchain technology is also used in keeping the records of property. Due to the Blockchain networks the property documents can be transferred from buyer to saler thus it is done in transparency and the risks of frauds can also be reduced.
3. Use in Medical Field;
- In the medical field the Blockchain networks are use to keep the data of patients and the records of his treatment in a specific hospital. More ever the data of specific patient can also be transferred from one place to another within seconds with the help of Blockchain technology.
4. Use in voting system;
- The Blockchain technology is also used in voting system which keeps the integrity of votes safe by doing it transparently. The use of Blockchain technology in voting system is very useful as it reduce the chances of corruption and fair elections can be done.
Conclusion |
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So friends in this Post we have learned about the Blockchain networks and their Applications in various Fields of our daily lives. No doubt that the use of Blockchain technology is very safe, positive and secure. That is why the people trust more on the networks which are working on Blockchain technology. In fact the characteristics of Blockchain technology is amazing.
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Okay bro I will bring new topics in my next posts 🐱