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In old days where all is work physically handle which is slowing every transaction due to the fact that the exchanges of products and goods is serve by handing manually which makes a lot of work for individual or group to process the record of transaction and sending files of information to either consumer,customer, or clients which makes the whole process of sending and receiving some products or goods is ending to be a pain because of the following
It takes time to file a record of the transaction and process it sometimes the whole process of the transaction take a week or even a month to be processed before it could proceed to deliver and receive due to distance and data policy
filing manually sometimes get fail by a little mistakes which a copy of record that held by other parties is different to yours which make the whole transaction get failed and hang in port or in place where security is high alert.
the transaction fee get higher price due to the fact of excess work that exist in process.
But Nowadays where digital technology enter everything was been slowly changed which make most of corporation use of this service and type of transaction where they get easily the deal done. but did you know that there is two type of database that was been use right now?
The first type of this database is called Centralized database system
Data stored in one central location
in reference to control being held at one point or entity.
the database of this type was challenge and facing in some issue in
*🔓 Security - If these centralised databases get hacked into, they can expose all the data at once. We've seen that happen more and more recently.
💵 Cost - Building centralised systems is often expensive as a company needs to provide all the digital capacity to make a system run smoothly.
📊 Your data - In these centralised systems, your data is not your own, and is often monetised by the networks you give that data too.
🌫️ Transparency - How information gets used, by whom and for what is a bit of a grey area today.
How it works? you could see the picture below to understand much more
The challenge about centralized type of database was the most reason why the second type of database system is been born and get advantages. the second type of this database is decentralized system which we all known as blockchain.
blockchain technology is a technology that record online a transaction for:
THE MOVEMENT OF GOODS
EXCHANGES IN INFORMATION
Everything we need to know about blockchain technology
The first we need to know about blockchain is how it keep those records since it was decentralized.
the simple answer in it was it used a distributed ledger system
"DLT ALSO KNOWN AS DISTRIBUTED LEDGER TECHNOLOGY IS CREATING AN INTERNET MOVEMENT AWAY FROM CENTRALIZED DATABASED TO A DECENTRALIZED DISTRIBUTED MODEL"
As of now digital services are centralized one which has facing an issues around control and security but due to the fact of blockchain exist this problem has been solved already since the technology was a decentralized type which making things more secure and control was put in user of the system than the owner of system.
DLT is the collective name given to any technology which uses this kind of system. Some well known examples of Distributed Ledger Technology include:
💰 CryptoCurrencies - A digital currency like Bitcoin or Ethereum. One of the biggest uses of DLT we see today is to keep a record of monetary transactions.
🔗BlockChain - A decentralised system for recording transactions. Blockchain was first used to store transactions on the Bitcoin network. Blockchain is probably the most widely known example of DLT. But there are many others.
💻 Git - Git is distributed source control software. Anyone who is a developer will be familiar with using Git to manage different versions of the code they are writing. Git is everywhere.
Blockchain is consider to be beneficial if you only know how it works in a transaction
Sending currency across a blockchain involves a number of steps.
🔑 Keys - First you need the public key of the person or company you want to send your money or tokens to.
✍️ A request - You tell the network you want to send some of your currency to someone else. You do this via the software the network uses. The simplest and easiest way is to use a Wallet
📚 Check the records - The nodes on the network peer through the records on the blockchain to make sure you have the currency to spend, and you haven’t already spent it.
🗄️ Filing - Once the network confirms the transaction can go ahead, it adds it to the existing block of transactions to be verified by nodes.
👮 Security - Once that happens it can’t undone or tampered with, as every other transaction in that block will have to be resubmitted, which would give everyone a bit of a headache.