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The Blockchain Technology is Fueling Various Industries Including the Financial

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Nowadays, the technology is scaling towards new heights setting one records after the other. One is aware of the fact that the payment in bitcoin is based on the blockchain technology – a distributed database or public ledger where information stored is in digital form and cannot be manipulated. One of biggest positives that the blockchain technology has given is giving birth to a decentralized economy by the creation of cryptocurrencies. Therefore, it has been rightly regarded as future of financial institutions that will provide a new impetus to the e-banking and the cashless transactions. So no more paying additional charges because bitcoins are free from government controls. According to a reliable research, the cost of Blockchain technology is expected to stay at around $10 billion and it will also have an impact on various sectors of the economy by the year 2022. Moreover, it would also prove helpful in managing other tasks from e-governance to online education and maintaining the digitalized form of medical records. Blockchain will also prove handy when it comes to storing the database because here in this case it won’t be stored at one place. Blockchain Catering a Wide Range of Industries Blockchain technology apparently caters to extensive range of industries from online banking to e-payments, online governance to e-education, the healthcare sector, the real estate market, online shopping to insurance and traveling etc. All these industries have been reaping benefits from the advanced blockchain technology. A Brief Introduction to its Functioning The functioning of the blockchain technology is not complicated but it has its own procedure of working. As such the e-data is mainly categorized into blocks that are serially linked with the cryptographic encryption and forms a difficult mathematical patterns via a chain. Every block is linked with the earlier ones and has its own data. The new blocks can be added towards the end of the chain. It must be remembered that after adding new blocks and updating the records you will not be able to make any further changes. It is nearly next to impossible for a person penetrating into the technology via illegal means. Once the record is upgraded, it will be done on all systems at the same time. So, if hacking is done the concerned hacker will be unsuccessful as it will not follow his orders. The Advantages of Blockchain Technology So now that we are familiar with the working process of the blockchain technology, we can divert the attention to discuss some of its pros: Blockchain technology helps to save the cost of transaction which we have pay when doing internet banking. There are no chances of breakdown or loss of internet connection in case of blockchain. Therefore, is fully reliable and durable as it has decentralized networks. There is no risk associated with hacking and it is free from malicious attacks. The users have the actual control and power with respect transaction related information. The cost of transaction is free or very nominal There is no involvement of any third party and so that raises the bar of trustworthiness. The transparency factor is also maintained since anyone can see the change occurring in the public blockchain. The changes cannot be altered or erased. The transactions take place at a quick pace. All transactions are added into a single ledger, which avoids complexity. How is Blockchain Useful for Finance Industry? As we have emphasized on a few vital points that highlight the benefits of blockchain technology, we will perceive how it is beneficial for the finance industry: Concept of Smart Contact This is not a new term in the business world but was introduced way back in 1990. The contacts are basically self-implemented and the advantage that blockchain offers is making them safe and secured. Anyone can access these contacts around the world. It also eliminates the obstacles generally associated with the middlemen as here you have to only pay a fee and that goes into the chain and you have to unlock the front door with the help of electronic key-code. Supply Chain The blockchain has also eased out the process of supply chain, which otherwise was a complicated affair for most of the organizations. The technology helps in making everything transparent from when the goods are transported, who is handling it, the shipping costs, when it is expected to reach – all these information can be easily accessed in a single go. Pay Easily in International Currency Payment in foreign currency has always been a big challenge for most of the business organizations and if you taking the help of PayPal or Braintree, then the fees is high. But thanks to the blockchain technology, much of this problem has been sorted out as the fee is very low and many companies including Etch pay their employees in bitcoins. Benefit of Stock Trading Stock Trading has been identified as one of the difficult tasks because it is time consuming as well as a risky affair. However, the blockchain technology has come to the rescue of the share traders offering automated and secured solutions. Thus, even the much popular stock markets has got the blessings of this technology. How has the Bitcoin and Cryptocurrency Influenced the Financial Sector? We already are acquainted with the fact that the blockchain technology is the driving force behind bitcoin or the cryptocurrency and since its inception in 2009, it has emphatically and vastly influenced the financial sector and various economies. As such a number of companies are conducting daily transactions using the cryptocurrency and the bitcoin wallet app, which they consider far simpler than going for the traditional payment methods. Precisely, if they are using the bitcoin wallet app, they don’t even need the support of the third parties. In addition, there is freedom from all sorts of control and regulation and there will be no effect even if there is inflation in the market. Quite similar to the blockchain technology, the bitcoin wallet apps are more secured because of

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BlockChain is a Worthy Asset for the Mobile App Developers: Let’s Discuss

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When we talk about the Blockchain technology, the word cryptocurrency instantly comes into the minds. So, if we want to know about the Blockchain technology and its usefulness to the application developers, then it would be worthy to discuss something about bitcoin technology. Eventually, the Blockchain technology was created as a public ledger to store all the digital transactions. However, how would you define its utility for the app development industry? There are a number of mobile apps which are based on bitcoin technology or have similar functionality. The Blockchain has indeed been a good rescuer for the clients, the business partners and the funds as it secures from any kind of loopholes. The Blockchain technology still has a long way to travel as many industries which haven’t used its potential. Probably they went after the applications, which weren’t deemed suitable for the Blockchain and perhaps better off with the conventional databases including MySQL. To most of the people, the Blockchain technology is a kind of distributed database containing a number of blocks. The blocks contain a timestamp and cryptographic link that is connected with the earlier block. Besides that, it also contains a database that is visible to all but cannot be updated by any one user. The Blockchain technology does not need the support of middlemen or third party to conduct the transactions. One of the vital features of the Blockchain is that it is based on peer-to-peer payment architecture rather than server-based architecture. When we talk about how Blockchain can be useful to the app developers, the fact remains how they are reaping its benefit. So, usually if the app developer is developing apps similar to that of bitcoin, then the Blockchain technology will be more than handy. Thus, if you want to reap full benefits of the Blockchain, then it would be viable to be familiar with the functionality of the bitcoin. Once you develop the understanding of how bitcoin works, your task will become much easier. First things first, the app developer has to create an architecture for incorporating the peer-to-peer pseudonymous electronic cash system, without which it will be difficult for him to develop an app like the bitcoin. The app designs will also be quite different. However, do not go for the true copy same as bitcoin because the requirements for your app may be different and you won’t be able to use the blockchains properly. The Use of Blockchain’s Distributed Database Application The Blockchain has a distributed database, which is a good news for the app developers. The fact that they run via networked computers and set up the coordination by passing the message. The message either gets coded between instances of the application or it uses a shared memory. One of the major benefits of distributed databases is that they are readily available and secondly function better in comparison to the non-distributed applications; specifically when there is network failure. However, the app developer needs to be very careful as it is a difficult job to store data in the distributed database. This is because you cannot be sure that if there is an update at one of the part, it will not have an impact on the other part of the distributed system. Another challenge that might prop is when the user spends the same bitcoin twice or more and the bitcoin blockchain will record the transaction. In that case, the bitcoin loses its consistency. This is one drawback of the distributed nature of the Blockchain that bitcoin does not stay consistent. Now the blockchain developer can also incorporate the Blockchain technology if the bitcoin users make a compromise on whether a particular transaction occurred or not. This type of agreement is common today and takes place in the databases. You need to develop some knowledge of the functionality of the database. Developing the Distributed Applications a Tough Ask The developers should be aware that developing the distributed application isn’t a cake walk and can pose a tricky situation. You need to test and debug the software so that it can run on a single system. Quite often due to a bug is known as heisenbug, the computer operation may change its behavior specifically during the testing process. So, better be ready for it. Another type of bugs that you might have to meet include mandelbugs and schrödinbugs, which can create problems such as the abstract behavior of computer and unexpected behavior during unconventional use of an application. No doubt that these types of bugs can prove frustrating both in distributed and non-distributed application. The summary of the discussion is while using Blockchain for the application, you should get ready to deal with these kinds of difficulties. The Appropriateness of Blockchain Transactions including Legality Whatever transactions getting carried out must be done through a legitimate and legal channel such as government agencies. The examples of these include payment through bank accounts. On the contrary, since the Blockchain is free from government control and regulations, the bitcoin implementation does not enjoy the same level of legal support. So, the lawyers had to do the painstaking job of developing a legal framework for the business process and use of public-key infrastructure (PKI). On the other hand, the controls related to the documents are mentioned in Certificate Policy and a Certificate Practices Statement. However, the policies associated with the legal considerations is not very clear. You cannot assume that the data will be accurate because it appeared with the Blockchain. The verification of bitcoin transactions are easier and each of the transaction gets verified before they are added to bitcoin blockchain. However, if it is some other application, the same task will become tough. But the job here is half done. The developer has to complete two tasks; validates the data to be written on the Blockchain and write the validated data to the Blockchain. Conclusion The Blockchain technology is quite handy for the app developers as it helps in developing new business

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