Blockchain Role In Economic Growth By @Chiomzy810

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A Blockchain is said to be a distributed database that is shared among the nodes of a computer network. As the database is, informations that are electronically stored in the blockchain are done in digital format. Blockchain are best known for their important role they play in cryptocurrency systems such as kucoin, bitcoin etc, For just maintaining a decentralized and secured records of transactions.

Different types of information are possibly stored on a blockchain, but then the moat common use of the blockchain so far has been as a ledger for most transactions. In cryptocurrency cases such as bitcoin, blockchain is used in a decentralized way in such a way that no human or group has control to a particular account rather their users take full control and responsibilities of their account.

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The main purpose of blockchain is to give permission for digital information to be recorded and distributed but not edited. That is to say, A blockchain is the foundation for immutable ledgers, or where the records of transactions cannot be deleted, altered or destroyed. That is why we can refer blockchain also as "Distributed Ledger Technology (DLT)."

While researching on this topic, i have gotten to realize that blockchain has various important and benefits it gives to the outside world aside from cryptocurrencies. Here are some of the benefits;

1.) Blockchain For Data Sharing :
It is noted that blockchain could act as an intermediary to safely and securely store and distribute enterprise data among various industries.

2.) Monitoring Of Supply Chain:
Businesses could easily pinpoint inefficiencies within their supply chains faster, and also locate items in reality and review how products perform from a quality- control perspective as they transport from manufacturer to retailers.

3.) Healthcare Purposes:
It could also play a very important role in healthcare. Healthcare payers and supplies are now using blockchain to manage every clinical trails data and electronic medical records.

4.) For Payment Processing And Money Transfer:
Every transaction made over a blockchain could be processed and done within a matter of seconds and decreases or removes banking transfer fees.

5.) Digital Identity (s):
For instance, Microsoft is testing with blockchain technology to help people control their digital identities while still giving users control over who accesses that data.

Here are some notable business benefits of blockchain below;

• Time Savings:
  Blockchain minimizes transaction time from days to minutes. Therefore transaction settlement on the blockchain is faster because it doesn't require verifications by a central authority or traditional institutions.

• Strong Security:
  The blockchain's security features are very and strictly made against fraud, cybercrime or tampering.

• Saves Cost:
  Participants are liable to exchange valuable items directly. Blockchain deletes any duplicated efforts because participants have access to a shared ledger.

CONCLUSION:

This keys, Shared ledger, permission, consensus, and smart contracts,etc are the main concepts or constituents guiding the blockchain. I have clearly stated the benefits behind blockchain, i believe you grab the knowledge shared here.

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