What are blockchain and the need of blockchain?

These days the term blockchain is much heard on various platforms. The concept behind the blockchain technology is very much similar to the database. The concept for the blockchain usually represents a paradigm shift about the software engineers who all write the software applications in the future. It is considered as one of the key concepts that need to be understood well. There are about five concepts about the blockchain which are blockchain, decentralized consensus, trusted computing, smart contracts and proof of work.

What is Bitcoin Blockchain technology?

A blockchain is a decentralized, digitized, public ledger among all the cryptocurrency transactions. It is constantly growing as a completed block which can be recorded as well as added in chronological order. This will allow the participants to keep track of the digital currency transactions without any records.

The block which is present in the blockchain is the part of the blockchain, which keeps the records of all the transactions. When it is completed, the block went to the blockchain which is a permanent database. Each time the block gets completed the new one is generated at that time. There is any number of such types of blocks in the blockchain which are connected to each other in chronological order with a proper linear or chronological order.

Use of Blockchain technology

Blockchain technology is an encrypted database of agreements. This means that when a deal is made, then neither of the party can go back to rewrite the terms. It is like a contract based which holds the parties accountable by completing the terms of the agreement so that both the parties have fulfilled to the end of the bargain. The technology also helps in doing some of the good works as they help:

They help in tacking the refugee crisis by sending the cryptocurrency to purchase the food.
They help in creating the financial avenues for the world’s most improvised people.
They also help in preventing the voter fraud.
They can help in improving the efficiency of the government.

If you want to invest or use in this blockchain technology, then some hottest blockchain companies in US are there to provide and help you with the technology.

The relation between the Fintech and Blockchain

It is seen that Fintech is very good for increasing the user-friendly of the financial services which bring the financially excluded individuals which is present around the financial system. It is generally seen that the blockchain can reduce the manual processes so that the time taken in sharing or updating the information. They also help the bank or other institutes in processing the information in a better as well as in more efficient way. They are now focusing on improving the efficiency of the financial institution, customer experience with other facilities.

Many companies all provide this blockchain technology to the customers with full customer services. Some of the best public blockchain companies are NASDAQ, Riot Blockchain, Hitachi, IBM and many more.

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