As the world is progressing towards combating the threats that keep our businesses and enterprises vulnerable to data corruption and theft, the blockchain technology is developed to provide security solutions to businesses that seek it. The blockchain is undoubtedly the most talked about technology in the world today.
The reasons for it becoming a hit among different factions of the society is the features the technology possesses that hold the capacity to make businesses operate in a safer and robust manner.
The World Economic Forum, Barclays, IBM and many other big institutions have called it the technology of future. However, the major hurdle that comes in the way of businesses completely switching to use blockchain technology is them not understanding how the system operates.
The blockchain technology seems extremely complicated and difficult to understand. Therefore, keeping this reason in mind, team Pac Block took the agenda to educate its readers with the easiest explanation for blockchain technology.
In the simplest language, the blockchain can be called a book of records. These records are usually of financial transactions. In the infographic made by Pac Block, the team has illustrated the process through an example of fund transfer from person A to B. To proceed with the process, an exclusive stream is created, from where the info to all members on the network is sent who verify that information. Once the validation is made and there is no objection from any member on the network, the transaction takes place.
The reason for introducing blockchain technology was to work with a system that can eliminate the need for a middleman. Blockchain technology is designed to minimize the role of banks in any transaction. The technology guarantees a procedure for fund transfer, which is more safe, irreversible, holds the permanent record of data without any service fee charged for it, while the autonomy to regulate it also remains with the participants on the network.
This is not all that the technology is going to cater, it will disrupt many industries like Supply Chain, Retail, Insurance, Voting, Energy and Private transport. The blockchain technology is sure going to revolutionize the world.
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