Advantages Of Blockchain
In addition to being fast and secure, a Blockchain is completely decentralised. This means that one person does not control it, and more than one person has access to it.
In simple terms, a transaction can take place between two people without the involvement of a third party.
For example, A wants to send $100 to B. Now the process involved is A sending money from his bank account to B’s bank account thereby involving the Bank as a third party.
Here a bank may take their cut for transaction fees as well. In the case of a Blockchain, the same $100 will be sent directly to B without the involvement of the bank.
Furthermore, the transaction fees too would be minuscule. A $100 worth of Bitcoin sent will be received as $100 worth of Bitcoin.
In addition to being decentralised, the Blockchain is also transparent.
Thus for validating a transaction anybody can go back and verify the transaction from the start. This eliminates the risk of foul play and benefits both the people transacting as well as the people validating.
Uses of Blockchain
While in Bitcoin the use of Blockchain is limited to just transactions, Blockchain has a wider use case associated with it with different cryptocurrencies.
In Ethereum for example the Blockchain is used for transactions as well as smart contracts.
In other altcoins, apart from transactions and smart contracts, the Blockchain is used to develop D-Apps (decentralised apps) and the wifi usage of files.
In the physical world, Blockchain technology is used to conduct elections and maintain a record of the votes cast.
It is also being used by the notary to verify the sale and purchase of real estate.
In hospitals, blockchain technology is being used by the management to preserve patient records which can be looked at by the doctors and traced back to the specific patient.
In conclusion, Blockchain has come far off from where it started. Even then in terms of speed, technology and use case, the genre continues to grow and evolve.
While it may seem complicated at first, Blockchain is in fact a bunch of data preserved on the web and owned securely by the right individuals.
Read more about Validation in Blockchain