HOW BLOCKCHAIN IS TRANSFORMING TRANSACTIONS?

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How Blockchain is Transforming Transactions?

• When we talk about technological transformation,
  then Blockchain is the one technology which has
  been creating a new benchmark of success every
  day. It is one technology which brought forth our
  attention to the fact that our assets are vested
  in central authority, and there is a need for a
  system which is decentralized. Such a system
  should be more secure, cut down transaction time,
  makes data tracing easy and allows direct
  interaction between the buyer and seller.

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• Well, if we talk about Blockchain, then the
  technology fit came into existence in 2008 with
  the surge of cryptocurrency Bitcoin. The
  Blockchain is the heart of Bitcoin. It underlies
  all the operations of digital currency exchange.
  With the passage of time Blockchain has also
  evolved and now it finds application in myriads
  of fields.
• In this blog, I will be highlighting the use of
  Blockchain for transactions. When we talk about
  the transaction, then it can be pertaining to
  financial transactions, trading or exchange of
  information. So the next question that arises is
  how Blockchain is aiding this process,
  understanding it, we must have insight on
  Blockchain and its key features.

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What is the Blockchain?

• It is the digital distributed ledger technology
  which works on the principle of the peer-to-peer
  transaction. It means that there is no need for
  an intermediary. Two parties can directly
  interact with each other and trade. One does not
  have to wait for third-party validation or
  approval it further nullifies the transaction or
  processing fees. Furthermore, Blockchain is
  decentralized which means that the information is
  distributed in the network. Since the information
  or data is not centralized, it becomes difficult
  for the hacker to hack it or alter the
  information

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Key features of Blockchain-

• Blockchain offers series of features which makes
  it the most sought-after technology of the
  future, here are a few notable ones
• Decentralization- This is the most important
  feature of Blockchain technology which means that
  all the information is spread across the network
  thus making is easily accessible and less
  pervasive to hacking.
• Immutability The information once entered in the
  edger cannot be altered or changed. Thus the
  security of data becomes a key feature of DLT or
  Distributed Ledger Technology.

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• Security- Data security is the key feature of the
  Blockchain. All the data and information in the
  ledger is encrypted. Thus it cannot be altered or
  changed.
• No third party interference one of the key
  features that Blockchain offers is peer-to-peer
  interaction which means, the two parties can
  directly interact with each other. It saves time
  as there is no need for the third party to
  approve the transaction.
• Cost saving- The primary objective of any new
  technology is to offer quick service which saves
  time and money. Thankfully, Blockchain fits in
  both these parameters. As mentioned above the
  absence of third-party saves time, similarly, it
  also reduces the cost of the transaction by
  minimizing transaction or processing fees.

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How Is Blockchain aiding transaction?

• When we talk about Blockchain, then its role in
  the financial transaction is the most
  conventional use which many companies are trying
  to tap on. You would have noticed the surge of
  many cryptocurrencies that enable you to transact
  in digital currency, and at the same time, you
  can also exchange them for fiat currencies. The
  story doesnt end here many companies are
  finding alternative ways to use Blockchain based
  cryptocurrency. They are developing apps and
  other modes wherein you can exchange your coins
  for buying products, making payments, etc.

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• Well, the use of Blockchain for the transaction
  has gained momentum as more and more companies
  are now focusing on using this technology to aid
  the financial transaction process, settlements of
  claims, etc. Some of the big names making their
  way to the Blockchain technology use in the
  transaction include Some Hyperledger Fabric
  project by IBM, and R3s Blockchain consortium.
  These projects emphasize the use of Blockchain to
  become a part of mainstream business processes.
  It has the potential to reduce the settlement
  times as they make use of a digital signature
  which ensures timely processing of the
  operations.

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• The Blockchain-enabled platform provides higher
  security and lowers the cost of payment
  processes. In the current system there are many
  intermediaries involved in the payment
  transaction process, but with the surge of
  Blockchain based platforms, we can expect to
  diminish the role of intermediaries and thus
  saving the cost of the transaction, processing
  fees and time consumed during validation of
  transaction. Hence, we can say that Blockchain
  will transform the way transaction is being done.
  

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• You can check out our certifications, and kick
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• Certified Ethereum Developer

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