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What Is Blockchain and How It Works?
The first question that arises when discussing blockchain technology is what it can do for a business. The first big benefit is its potential to cut out third parties in financial transactions. By removing third parties from the process, companies can eliminate fees for individuals. The second big advantage is that the technology can be used to track inventory and process payments more efficiently. The first is obvious, but there are some drawbacks as well.
what is blockchain and how it works
To understand how blockchain works, consider a hypothetical situation where you have to store a lot of receipts and you want them to be tallied and timestamped. You can imagine this as a series of boxes and each box has the receipts since the last box. These boxes are the transactions and the blocks are the records of those transactions. To make sure that all transactions are recorded correctly, a network of computers, called nodes, manages each transaction before it reaches the blockchain. This network runs special software and handles the tally of each transaction.
Another great benefit of blockchain technology is its accessibility. Like spreadsheets, blockchains allow users to duplicate any data they want in a matter of minutes. Once the data has been verified by anyone in the chain, it’s now considered secure. This feature is key for businesses because it helps them be more transparent and ethical. All transactions are publicly accessible and anyone can check them. If a transaction is safe and transparent, it is worth it.
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DISCLAIMER: I am not a financial advisor nor a CPA. These videos are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am only sharing my opinion with no guarantee of gains or losses on investments.
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