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"Blockchain & Its Benefits & Its Daily Life Applications"

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Avatar for Devil-812
Written by   21
6 months ago

Blockchain is a centralized, specialized and trusted platform which consists on set of blocks containing important informations about transactions dealings.It is very useful platform for currency transactions.In this platform each member of blochain network is familiar about each and every transaction taking place about which time . Blockchain contains many blocks of informations linked with each other like a chain. When one block is filled it is connects to the chain and new block stores next transactions .Blockchain is developed in between 2008 to 2009 when Digital currency is introduced globally.

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At start Blockchain is mainly developed for the transactions of digital currency like

  • Bitcoin

  • Ethereum

  • Ethereum classic

  • Zcash e.g.

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Blockchain Features (Operations):

  • write

  • Read

It means Blockchain is only allows to write and read .In blocking no one can edit the text and no one can delete the conversation about transactions that's why we can say that Blockchain platform is well established and trusted platform for every user.

Types

(1)Public Blockchain:

In this type of Blockchain every person able to become a part of Blockchain network there is no restriction.

(2)Private Blockchain:

In private Blockchain network each member who is ready to become the part of Blockchain network should have to put the Mail account to login the private Blockchain network.

Benefits of Blockchain:

(1) Trusted Platform with Accuracy:

Blockchain is very trusted and accurate platform and have no chance of any kind of errors and no one can lie with each other and because everyone person who is part of network noticing the deal between two users and Blockchain is storing each block of information.For example

let A,B and C are three persons and person A have 1000 and B have 2000 both of persons A and B know the amount owned by A and B .And now person has newly joined Blockchain and he owns 5000 then everyone person who is part of network know about money owned by C.If C want transaction with A and C says that he wants to transfer 7000 then Person A understand same time that the person C own only five thousands so that's he is lying with him .So we can say that Blockchain is trusted and transparent platform.

(2) Require less time:

If someone wants to transfer money by bank or by pay pal is time taking process if the transaction is taking place between two different countries people.And bank or pay pal demand large amount for transaction .And business whenever want to transfer money their each transaction deduct money.On other hand Blockchain transactions are very fast requires less cost and short time even few minutes for transferring currency between people of different countries.

Daily Life Applications:

(1) Voting :

If we use Blockchain in vote casting it remove or eliminate the chances of fraud during election .We can say that Blockchain plays vital role in vote casting and provide transparent view.

(2) In Banking:

In the banking and finance Blockchain is used to record every transaction every debited amount and as well as credited amount .As we know the total team works only in the working days then if someone wants to credit amount for daily life expenditure he can credit at any time from ATM Machine.

(3) Hospitalization:

In healthcare center Blockchain stores record of medicines and patient are admitted and discharged from hospital .It provide easy way to record totally management duties etc.

(4) Crypto Currency:

Blockchain is also used in crypto currency 💲 transactions which provides well konwn and easy way of record .

Written by: Devil-812
Date: April 1,2022.

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Comments

Yes, cryptocurrency has changed our lives. Nowadays, everyone wants to earn from it.And bitcoin also gives us an advantage. I don't think anyone can compete with bitcoin

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