How does Blockchain affect our Daily Life?
What’s Blockchain and how will it affect our daily life? These are the questions that some people may have. Today we will get you to learn about Blockchain technology and how does it work, why businesses start to invest in Blockchain.
The meaning of Blockchain is quite simple, block is a data maintenance and chain is a data storage. Transactions processed on blockchain will be distributed to ledgers. All transactions will be in line like a chain.
Transactions on blockchain are non-intermediary transactions. Everyone who participates in Blockchain as a validator will help verify transactions and this will make Blockchain very secure and resilient.
For example, A transfers digital coin to B > transaction sent to block > sent block to validator to verify > verification of transactions > verified transaction will be added as a new block and recorded on Blockchain > B received digital coin from A.
All the processes referred to in immediately above happened in just a minute. Many industries nowaday have been utilizing Blockchain technology especially for the financial industry. Using Blockchain can reduce costs when transferring money abroad and the process will be faster compared to bank services. Bank fees for transferring money abroad are costly and usually take a week in order for the funds to arrive at the receiver. Blockchain plays an important role in our daily lives.
Today, many businesses start to use Blockchain technology, such as real estate. In real estate industry, Blockchain is used in asset tokenization or even transportation business also use smart contracts for verification processes to enhance transparency. Hospitality businesses also use Blockchain to collect patient data for a more secure and efficient data maintenance process.