Use of Blockchain Technology

[raaman]

What is the use of blockchain technology? With blockchain technology in place, transactions can be carried out directly between two parties without any intermediaries like banks which can be a single point of failure.

However, that is only one of the applications of blockchain technology in the financial sector. As per an expert and insider in the field of blockchain, the application of this technology will be broader in future.

It may be extended to a variety of industries such as health, supply chain management, oil and gas, government, and a lot more. The blockchain technology was first discovered in 2008.

 

[Jasz]

Blockchain technology has made an enormous impact on the world, but it is not as straightforward to implement as many believe. The technology works like a distributed ledger that cannot be altered and is used to store transactions between parties in an efficient and permanent way. This system of record-keeping allows for transactions to take place without the need for a central authority.

Blockchains are decentralized and distributed across the many computers that make up the network, which means that the information it contains cannot be altered even if one computer is damaged or compromised. This is why blockchain technology is so secure: no one party has control over it, which makes it hard for a malicious actor to gain access or alter data in any way.

The value of blockchain is its ability to make transactions more efficient, secure, and less expensive. Its potential uses are diverse: from banking services like payments processing and loan applications, to healthcare data management systems such as electronic health records (EHRs) and patient treatment plans; supply chain tracking; online voting systems; identity management solutions; real estate property transfers; insurance claims processing; medical research data aggregation platforms; government document verifications like passports or birth certificates; streaming music platforms; stock trading platforms; tamper-proof product labeling solutions; etc.

 

[JamesLuca]

What is the use of blockchain technology? With blockchain technology in place, transactions can be carried out directly between two parties without any intermediaries like banks which can be a single point of failure.

However, that is only one of the applications of blockchain technology in the financial sector. As per an expert and insider in the field of blockchain, the application of this technology will be broader in future.

It may be extended to a variety of industries such as health, supply chain management, oil and gas, government, and a lot more. The blockchain technology was first discovered in 2008.

But transactions on blockchain user’s data can be expose to data breaches there by leading to vulnerability of users Personal identifiable information to hackers and the

public is appalled by the lack of security and privacy surrounding their sensitive
personal data, as well as how their personal data is being harvested and used to
target them, and they have been clamoring for more regulation giving birth to the driving force for a Better data security which has been the major focus of the iNf4mation project!!!


Check out iNf4mation project,it is a Defi revolution and a blockchain project with a better solution to data breaches on blockchain!!!!!!