Applications Beyond Cryptocurrencies Non Financial Use Cases For Blockchain Technology
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APPLICATIONS BEYOND CRYPTOCURRENCIES - NON-FINANCIAL USE CASES FOR BLOCKCHAIN TECHNOLOGY
Author: Mr. Gunawan Widjaja
language: en
Publisher: Xoffencerpublication
Release Date: 2023-09-18
The blockchain is a distributed ledger that stores information in a way that makes it extremely difficult, if not impossible, for the system to be altered, hacked, or manipulated. A distributed ledger is what a blockchain is. This ledger copies and distributes transactions throughout the network of computers that are part of the blockchain. A data structure known as blockchain has the potential to take the shape of an expanding list of information blocks. Because the knowledge blocks are interconnected, more recent blocks cannot be withdrawn or changed after they have been added. The decentralized digital currency Bitcoin relies on the blockchain technology for its operations. A distributed database that contains records of all transactions or digital activities that have been carried out and shared among parties that are participating is called a blockchain. Each transaction is checked by the system's users who make up the bulk of its members. It includes each and every record of each transaction in its entirety. The most widely used example of a blockchain technology is the cryptocurrency known as Bitcoin. In 2008, a person or group of people going by the name "Satoshi Nakamoto" issued a white paper titled "BitCoin: A peer-to-peer electronic cash system." This was the first time that the Blockchain Technology was brought to public attention. This new technology, known as blockchain, logs transactions in a digital ledger that is shared across the network. Because of this, the ledger cannot be altered in any way. Transactions involving anything of value, like as real estate, automobiles, and so on, may be recorded on the blockchain. Bitcoin is perhaps the most well-known application of Blockchain technology. Bitcoin is a form of cryptocurrency that may be used for the purchase and sale of digital assets over the internet. For two parties to successfully carry out transactions via the internet, Bitcoin relies on cryptographic evidence rather than the confidence of a third party. A unique cryptographic signature is used to secure each transaction.
Disrupting Finance
This open access Pivot demonstrates how a variety of technologies act as innovation catalysts within the banking and financial services sector. Traditional banks and financial services are under increasing competition from global IT companies such as Google, Apple, Amazon and PayPal whilst facing pressure from investors to reduce costs, increase agility and improve customer retention. Technologies such as blockchain, cloud computing, mobile technologies, big data analytics and social media therefore have perhaps more potential in this industry and area of business than any other. This book defines a fintech ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research and offering perspectives from business, technology and industry.
Applications of Blockchain Technology in Business
The book discusses the various ways that blockchain technology is changing the future of money, transactions, government, and business. The first two chapters walk through the foundation of blockchain. Chapters 3-12 look at applications of blockchain in different industries and highlight its exciting new business applications. It show why so many companies are implementing blockchain, and present examples of companies who have successfully employed the technology to improve efficiencies and reduce costs. Chapter 13 highlights blockchain's powerful potential to foster emerging markets and economies including smart cities, value-based healthcare, decentralized sharing economy, machine to machine transactions, data-sharing marketplace, etc. Chapter 14 offers a conceptual model, provides information and insights, and covers a step-by-step approach to plan and develop blockchain-based technology.