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The future of blockchain

Today, the society and the global economy are largely dependent on the trust of powerful intermediaries such as banks, government, and large internet companies. Well, in the business world too, some of the largest companies and fortunes are made by businesses that insert themselves in the middle of transactions as trusted intermediaries and as a result extract value from the transactions. They cost a lot and they slow things down – they are too centralized. Blockchain has a different kind of trust. It is decentralized and managed by the public so there is no one entity that can manipulate or control it. That’s what makes it more trustworthy. It is foreseen as the technology to look out for in the...

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Blockchain: Safe, secure and speedy

The beauty of blockchain technology lies in the fact that it allows you to see a verified, accurate and un-tampered with account of transactions. These transactions could be payments, but not necessarily. They could be simpler exchanges of information too. This technology has been around for a couple of years and basically shares a record of transactions that are maintained on a network of computers on the internet – rather than a centralized authority. When this technology is used on a large scale however, especially in corporate, it raises question marks over whether it can cope with the increased volumes on a daily or even hourly basis with the same veracity. The blockchain technology is only as valuable as it...

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Bitcoin and the changing face of World Economy

Digital money such as Bitcoin has the potential to expand the world of international commerce, support finances and completely transform how we shop, save and conduct business. From programmable money to many new forms of ecommerce, here are a few ways in which this new technology will change the economical landscape. Bank transfers will be faster and cheaper The way banks work and the way money is moved today will change dramatically with the introduction of bitcoin technology. Using digital currency, bank transfers could be made instantly and without too much cost. These kinds of transfers are a lot safer too. Protocols that support transfer of funds from one currency to another using a secure digital ledger are also a...

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Explosive growth of Blockchain technology in Businesses

Blockchains are no longer just a computer science term for how to structure and share data. Today, they are considered as a novel way to approach the distributed database. In short, a blockchain is a data structure that makes it possible to create a digital ledger of a data and share it with a network of independent parties. Public blockchains such as Bitcoin are large distributed networks that are run by a native token. Permissioned blockchains such as ripple can control roles that individuals can play within the network. They also use a native token and the code may or may not be open source. Private blockchains are usually smaller and do not utilize a token. Their membership is closely...

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