We are all aware that we live in a time when practically everything can be done online, or in a digital format. Even money has been brought to us in a digitalized form since 2009 when we entered the bitcoin profit you should use to make money. However, as we all know, this type of digital currency, also known as cryptocurrency, relies on a unique ledger system to keep track of everything from transactions to records. Blockchain is the name given to this one-of-a-kind procedure.
However, many of us believe that blockchain is largely used by cryptocurrency firms, which is not entirely correct. Although most cryptocurrencies are built on blockchain, the technology has a lot more to give than we can fathom. Now, it is doing exactly that by serving more services than just cryptocurrencies.
Because blockchain is highly secured, any information exchanged between the sender and receiver remains secure. Sending money online works in the same way. We understand that when we send money, we are not delivering the amount of currency through courier, but rather data from one location to another, which is then confirmed by backs and the amount, is debited from the sender’s account and credited to the receiver’s account. In addition, because this notion of blockchain, or rather, this method of blockchain, uses the “distributed ledger” procedure, validating the transfer takes nearly no time. International payments are becoming considerably easier every day because they are a very secure and speedy service.
Keeping track of music royalties
It was a massive strain for music distributors, and streaming platform companies to keep track of every single track that was uploaded. Along with keeping track of every single stream that a song has ever received. However, because blockchain has taken on the obligation, it has been much easier for businesses to monitor the streams and pay the artists what they are owed. Not only that but, spotting fraudulent tickets in a venue and paying musicians instantly have become a lot easier.
Keeping shared data safe in the medical field
Information about one’s health is extremely private and sensitive. It would be a significant problem if a patient’s personal information fell into the wrong hands. However, because blockchain is highly encrypted, medical data is kept private, and only the sender’s designated recipients have access to it. For example, if a person has a condition or ailment, the hospital would only provide the patient or his/her family members access to the report if the patient has given the hospital permission. The patient’s privacy is tightly protected by blockchain, which assures that no one other than the persons who have access to the data can access it.
The notion of cryptocurrency, as well as cryptocurrency mining, is largely based on the blockchain method. Not only does keeping track of things help, but encryption also helps. Because it is heavily encrypted, no fraudulent or malicious activity can damage the bitcoin market. In other words, it protects the process safe from hackers and other bits and bobs. As a result, when one individual conducts a cryptocurrency transaction, blockchain assures that the process remains encrypted. Therefore, when a transaction occurs between two cryptocurrencies, this cryptocurrency exchange in blockchain operates as a middleman, taking a fee based on the firm policies and assuring a secure transaction while exchanging the coins.
Not only that, but it also remembers to retain the values as they should be during the transaction. Let us imagine one crypto coin has a worth of $100 and the other coin has a worth of $50. When a $100 cryptocurrency is exchanged for a $50 cryptocurrency, the receiver of the $50 cryptocurrency will receive two coins or tokens, which are equivalent to the one $100 cryptocurrency.
Not only that, but blockchain also provides a platform for non-fungible coins, identity theft prevention, legitimate content production, and many more services. Making a new voting system and assisting with money laundering issues are other options. In conclusion, we can state that in this blockchain is not only making our lives easier, but it is also assisting us in keeping track of everything and providing us with excellent security because it is a highly encrypted system.
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