Everyone has heard of bitcoin, the digital currency that has saturated the news, but cryptocurrency is not the true game changing concept. It’s the innovative foundation that it is built on – Blockchain.
In the simplest terms, blockchain is a secure transaction ledger database that is shared among all the entities that are participating in a distributed network of computers. Every transaction (financial or not) is recorded and stored in the distributed network. This eliminates the need for “trusted” third parties such as payment processors. It transfers trust and control away from established entities to the network in an anonymous model. As such, this is a significant game changer and may disrupt established central authorities such as the banking industry to privacy controls.
It profoundly alters the power and control from large entities to the many, allowing for safer, faster, cheaper transactions despite the fact that we may not know the entities we are dealing with.
The mechanics of the Blockchain are highly disruptive and profoundly game changing. As people interact in a Blockchain environment, a public record of all transactions is automatically created. Then, distributed computers verify each transaction with sophisticated algorithms to confirm the transfer of value and create a historical ledger of every single activity. The computers that form the network that are processing the transactions are located throughout the world. Thus, and importantly, are no longer owned or controlled by any single entity (i.e. payment processors). The process is real-time and significantly more secure than relying on a central authority to verify a transaction who are open to hacks.
Ultimately, the Blockchain is a foundational technology, like TCP/IP, which enables the Internet. We are only in the beginning stages of blockchain and it will be fascinating to see how it evolves over time.Blockchain technology is not only applicable to currency and financial industries but also has a wide array of applications and use cases for almost every industry. This technology has taken the whole world by storm.
VeloWerks Blockchain Development Services
VeloWerks is believer in Blockchain technologies. As such, we have invested in securing experience, top talent globally to service this growing technology. We have a highly-skilled team of Blockchain Developers with hands on experience in building high-quality web and mobile applications based on blockchain technology. We also have experience and expertise in Wallets, Cryptocurrency Development and Smart Contract Development.
Feel free to contact us anytime and we will help you in the best possible manner while serving you at the most cost-effective prices.