Everyone seems to be very curious and excited to know what block chains are And how can they solve our problems.
Everybody wanted to know the good reason behind this amazing technology, Because nobody wants to get their accessibility public or put their data on data store, so this article describes about if you are not familiar with blockchain and want to learn more and more about basics of like what is block chain and how can you solve the problems and some exciting projects on blockchain, so this article can be very beneficial to you.
What is Blockchain?
It is a distributed database or ledger; it means there is network of people that copy full of blockchain database and everyone helps decides what goes into it, and the correct state of database, so definitely it’s hard to hack or take down, as it’s in so many places and there are group of crowd controlling and making everyone to plays nice, and it’s just not a single person or a company controlling it, it’s having huge stock with it to control and analyses.
What can Block chain solve?
The innovation which is happening right now, in the change of economy, and business, the internet, and also going to change the entire world. This process of innovation is known as block chain. This helps removing the risk and uncertainties in all kinds of dealings. Most important uses of block chains are its currency. Bit coin was the one which is introduced in the block chains. We want a different change in today’s currency as present currencies are centralized and controlled.
We are facing some of the problems in present currencies like:-
They are expensive; transfer of money internationally is costly and slow.
On the basis of trust; we don’t have any other choices accept to trust our bank, which can sometimes be misplacing, for writing our money around, instead of sending it directly to the receiver, we have to trust the middle man for it.
Not everyone seems to be wishing in working with banks, some time, due to poorness of state people can’t afford to use banks as told before this banks are costly in developing and under develop countries, but by bit coin anyone can create wallet and start doing transaction with low cost even.
There are some exciting block chains project to be work upon, it has some technical challenges which needs to be solved and looked for like some other technology which is working nowadays with us as Dash, IOTA, Ethereum, Lisk, blockstack, Augur, Steem, other ones like Monero, Ripple, Titerion, Ardor, NEM and many more to be listed.
So Why Do we Need Private Blockchains:
As though I feel nobody want their data to be leaked out in public and also if it’s open in public there is no choice to change the data.
So basically the point that hits the most is the benefit of block chains so one of the best are property ownership, it means if the person is able to change the ownership it should be the person himself.