What is Blockchain technology, how it can change the sectors working style?

These days, everyone else will see you talking about bitcoin and blockchain. But the biggest question is whether every other speaker and listener knows the meaning of blockchain. Often we do not miss to play on the term by talking about it, whether we are deeply aware of it or not. Well, we will make sure that after reading this news, after hearing the name of blockchain, you can not only react to it but also analyze it.

WHAT IS BLOCKCHAIN?

Before knowing Blockchain, you should understand very well that both Blockchain technology and Bitcoin are two different rivers. That is, both are completely different. Blockchain is a technology, a platform where not only a digital currency but anything can be digitized, and its record can be kept. That is, blockchain is a digital ledger. At the same time, bitcoin is a digital medium, through which we and you or anyone else can sell and buy some things.

Although, it is wrong to call it a currency because it has no value in the real world. If you are familiar with Dera Sacha Sauda in India, ​​then understand it in this way that in Sacha Sauda you were given separate coins to buy any item in that limited area, whose price was only inside Sacha Sauda, ​​outside it was garbage in the market, So is bitcoin.

Hopefully, by now you have understood blockchain, as well as the difference between bitcoin and blockchain. However, first, let's talk about the thing that we can change with the use of blockchain technology.

Banking Sector: Blockchain technology can make a big difference in the banking sector. The banking sector usually sees a lot of things like identity theft, cost-efficiency. It can be safe and low-cost by using blockchain technology.

RBI believes that Blockchain technology can be used to make the banking sector network more secure. By using blockchain technology, threats like server hacking, identity theft can be avoided. This technology can also help with cloud storage. Digitization of government files is also being done in India using this technology.

Cloud Storage: Storage is an open-source cloud storage program based on blockchain technology where you can sell your extra hard drive space.

Public Records: There are many records with the government which is lying in the files. Often, due to their loss or destruction due to some reason, it becomes difficult for the government to ensure their safety. So blockchain can become a great solution for this. The government can encode the data and upload it on the digital ledger.

Use in contract deals: Any industry, if it heavily depends on contracts, such as insurance, financial institutions, real estate, construction, entertainment, and law, all those industries will be benefitted from this technology.

Because with the help of this technology all your contracts can be updated, managed, tracked and secured without any dispute. Smart contracts, those that are embedded with if/then statements and do not require the involvement of an intermediary party to execute.

Land deals can be simplified by using blockchain technology. Blockchain can prove to be a big help in making the document work safe and easy during this. Telangana and Andhra Pradesh are using it for land deals.

The Blockchain in the land registry is used for the secure transfer of land property. The transparent nature of Blockchain enables tracking the changes made in land documents. The advent of Blockchain technology in the land registry is playing a very beneficial role in this developing era.

Supply chain management: ​​Blockchain is a very good option to manage all these processes whenever the value changes or the status of an asset changes.

Asset protection: Whether you are a musician who wants to get the royalties of your songs properly or you are a property owner, if you want to protect your assets then blockchain technology can help you a lot in your real-time By creating an indisputable record of ownership.

Personal Identification: Governments often manage a lot of data such as personal data from birth to death records, marriage certificates, passports and census data etc. Blockchain technology can easily manage all these data according to the streamlined solution and can store them securely.

Payment processing: The specialty of Blockchain is that it can easily handle the payment processing of any big company. It can completely eliminate the need for intermediaries that we often see in payment processing.

Crowdfunding: Compared to traditional crowdfunding, a blockchain powered crowdfunding campaign has a more secure investment from an interested community for a new project. But in such an instance, the funding will be mainly in the form of bitcoin or other cryptocurrencies.