There is no doubt that blockchain is growing and gaining a lot of importance. There are many businesses looking at using the blockchain bandwagon in their business. In fact, the use of blockchain technology is in full force in the financial services industry. The main purpose of the leading financial setups using the blockchain technology is that it can provide a settlement system where the transactions can be processed in real time instead of taking many days using the database system. There are unlimited possibilities that the Blockchain can bring to a business, especially a business that deals with some kind of transaction. By introducing the Blockchain technology in business, there is no need for intermediaries anymore in the business and in this way the businesses can save a lot of money.
How does the blockchain work?
The Blockchain is a distributed ledger that keeps track of and maintains the list of the data records of the business. The blockchain keeps the data in a decentralized platform and therefore no one will be able to tamper with the data stored in a blockchain. The data records are all stored as blocks, and they could be anything from a Bitcoin transaction to a small contract. The data needs to be authenticated by over 50% of the computers connected within the Blockchain network to get the blocks added to the distributed ledger.
The validation is not an easy process and is solved using cryptography. It is like a difficult mathematical equation that can only be solved using the computing power. Once the equation is solved, it is clear that the answer you got is the correct one. After the validation is over, it is now time for the block to get the timestamp and a hash that is used to create the next block. If there is a change in the bit of the block, then the hash will also get changed and all the subsequent blocks will also undergo changes. Chase Quickpay is a safe, secure and easy way to transfer money virtually anywhere and it will benefit a lot by using the blockchain technology. All the data will be stored in a decentralized platform that is not possible to hack.
The changes that happen in the blocks will all be validated again by over 50% of all the computerized nodes in the blockchain network. It is better to stick to the old data and not change the data as the Blockchain recorded data cannot be altered.
The blockchain technology offers peer to peer transactions and that too without the need of any centralized certifying authority like the bank. The banks that offer such transactions would charge a nominal fee or commission to do the job. If your business would like to do peer to peer transactions without the involvement of any transaction fees and third parties, then Blockchain technology should be used in your business.
There is a wide range of applications that can make use of the Blockchain technology to run their business smoothly and efficiently. The places where Blockchain technology can be effective include shopping, rental business, voting systems, etc.