Originally, the Blockchain technology came to life as a perfect bookkeeping for the Bitcoin currency; this transparent, distributed ledger was utilized to track and manage every transaction. For Bitcoin, once a transaction is accepted and verified, it is then stored in the Blockchain ledger as an encrypted code of hash function- an exclusive digital fingerprint of every transaction. Thereby, the data recorded on the Blockchain ledger is utterly safe and secure, and the Blockchain data cannot be manipulated or tampered by even the most experienced and talented hacker on the block.
The transparency, simplicity, and flexibility of this digital ledger technology have backed the Blockchain to reach every home by becoming the backbone of the Internet. Eddy Travia, an eminent Blockchain investor believe that the Blockchain technology has a bright prospect, owing to its immense potential to be embedded into different kind of technologies.
It was only two or three years back, we were discussing the potential Blockchain applications, but, now we see this technology is implemented in different spheres. To name one of its unique application, a US based company has recently developed a Blockchain system for the better record keeping in the Mortgage industry. Like, when you file a loan application to the bank, they may be using this technology to track and store all your critical personal data, but, you might never know about it. In fact, almost every major bank is working on this technology to enhance safety and security of their data. The Blockchain technology is smooth and fast, plus, minuses the possible human errors, thus, saving banks from billions of dollars. Other financial institutions are also considering Blockchain technology for the trading application, thanks to its smart contracts feature…
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