WHAT IS BLOCKCHAIN TECHNOLOGY WHY IS IT BELIEVED TO CHANGE THE WORLD

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WHAT IS BLOCKCHAIN TECHNOLOGY? WHY IS IT BELIEVED
TO CHANGE THE WORLD
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Blockchain

• The blockchain is a list of records also known as
  blocks that grow continuously.
• It is a digitized, decentralized, public ledger
  of all cryptocurrency transactions.
• It makes use of a distributed ledger technology
  (DLT).
• These are linked to each other and are also
  secured with the help of cryptography.

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Benefits of Blockchain

• Transparency 
• It is of increasing importance to consumers.
  Provenance is a platform that helps brands
  provide that transparency by tracing the origins
  and histories of products.
• Blockchain underpins this transparency, allowing
  all partiessupplier, manufacturer, retailer and
  end consumerto trace a products journey.

• Security
• Security issuance can be broken into two
  components debt and equity.
• In terms of debt equity, Overstock is still a
  pioneer in blockchain technology adoption.

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Benefits of Blockchain

• Faster transactions
• Traditionally, the time taken to execute
  transactions is longer and may take days to
  process.
• In this, the time taken is relatively lower and
  take mere minutes to process.

• Less transaction costs involved
• The elimination of third parties in the
  blockchain method reduces the transaction costs
  involved.
• This proves out to be beneficial for the users.

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Industries in which blockchain is used

• Cryptocurrency
• Blockchain gained wide recognition and is able to
  achieve its current status due to the
  cryptocurrency bitcoin.
• Cryptocurrency market is now worth 500 billion,
  that is more than Warren Buffetts Berkshire
  Hathaway.

• Healthcare
• A community of hospitals, patients, doctors,
  insurance companies and other related entities to
  process the information faster and provide timely
  service to the clients.
• This can also be used to reduce the healthcare
  payment frauds.

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Industries in which blockchain is used

• Banking and share markets
• Apart from providing the faster and better
  services, it can also help to reduce the
  maintenance costs of the banks and share market.
• It can also be used in trade finance to detect
  fraud as a number of merchants go to multiple
  banks with the same invoice and get the bill
  discounted.

• Automobile industry
• The automobile industry is also expected to be
  impacted by the help of blockchain technology.
• With the advent of self-driving cars, this can
  play a major role in the payment methodology,
  booking rides, and several such tasks.

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Industries in which blockchain is used

• Government
• Delays in the information impact the services
  provided to the citizens and results in the
  longer execution times of the project.
• Having a shared data between the department helps
  a great deal and also introduces transparency and
  helps in faster execution. This can also help the
  prevention of corruption.

• Law
• Huge amounts of data are accessed through
  blockchains and transmitted.
• To facilitate the legal procedure and payment, it
  can be used with the help of smart contracts.
  This removes the requirement of a middleman and
  can help you to receive payments after the
  milestones are met.

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Industries in which blockchain is used

• Defense
• In defense, any unauthorized access, modification
  of critical defense infrastructure, operating
  systems and network firmware is necessary as it
  can compromise on the national security.
• With the help of this technology and distributed
  data centers can ensure your security against
  attacks on important network and hardware
  equipment.

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Looking for a Blockchain Application
DeveloperContact Us

• https//www.consagous.com/blockchain-services/
• https//www.consagous.com
• info_at_consagous.com

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