Starting to gain traction in the mainstream, this technology has a lot of far-reaching potential
By Mary Ann Callahan
Blockchain is an intriguing concept to explore. It is a digital ledger that entails transactions, working with data arranged through a series of records called blocks. This uses a secure system and is essential for managing financial data as well as the development of the Bitcoin.
With all the hype that it’s received over the past year with Santander and others announcing that they are setting up their own internal Blockchain systems, it begs the question as to why blockchain is all of a sudden so appealing.
For those who already own a few Bitcoins but keep them and want to exchange for the higher price, there are many options to calculate, how rich you are. Even if you haven’t mined or bought Bitcoin yet, there are ten good ways how the underlying technology of blockchain will impact your life. These entail points on security, simplicity, and how well it works with your budget in mind.
1. It makes things secure
Blockchain technology is very secure and effective. You can get all transactions validated when adding blocks. This is thanks to how the blockchain system reads more data and is very transparent. The data gathered can be read by multiple databases.
Encryption is not included in the blockchain system. You can still add that if desired. Digital signatures may also be added to confirm one’s identity when using it. Such signatures can also regulate read/write access rights.
The identities of people who work with the system can also be secured if needed. Proper certificates can be used to allow people to log onto a setup and use it. This allows the certificate to be used in lieu of an actual person’s name. This may work with a setup that keeps individuals from being identified. In some cases the business running it may be listed but the individual responsible for triggering a transaction will not be listed.
2. Additional control is possible
You will get more control over any blockchain system you use. You can adjust your content in any way that you see fit. In particular:
● You can create limits as to what specific parties can do with a blockchain setup.
● The central owner of a block of data can be determined. You can adjust the identity of the owner to make whoever is in charge of a certain part more accountable.
● Limits can be created with regards to what people can or cannot do with a blockchain. This is especially for when you are trying to keep certain people from accessing specific spots.
You can use blockchain in cases where you need to get many parties to read the same data but while also maintaining some control. There is no limit to the amount of protection that you can add to it. This adds a setup that isn’t too hard to use without being complicated or far too technical.
3. It is a more durable solution
The blockchain setup uses a series of decentralized networks. This allows blockchains to be read by more parties. As a result, there are no central points of failure. It is easier for the blockchain system to handle any possible failures that may develop.
4. Transactions run faster
Transactions are easy to handle within the system. A universal system is used with the same kind of interface. This does not require any outside standards from separate providers.
Confirmation times can vary on the system. It often takes less than half an hour of a transaction to be managed. It can take a few hours in some instances but such cases are rare.
5. Transaction costs are reduced
A great part of blockchain is that it uses no third parties for managing transactions. As a result, funds will be easy to move without spending too much money on each one.
It often costs less than $10 USD to get a single transaction managed. The cost varies but it is typically around that total.
6. Only one ledger is required
You only need one ledger to get a blockchain transaction handled. This is another benefit of there being no third parties involved. Therefore, you can process a transaction quickly and effortlessly.
7. Transparency is possible
With a blockchain transaction, you can learn all about what happens. You will learn everything you need to know about an individual block by looking it up. You’ll find details on:
● How many transactions are involved in a single block
● Transaction fees
● The approximate volume of the block
● The size of the block
● Who is relaying that block
● How much time it takes to get some transactions reviewed
The information you will get is extremely detailed. It does require a bit of extra technical knowledge in some instances.
8. It is a direct solution
The blockchain system is made as a direct solution. All parties involved with a blockchain can alter the chains they find. Information on all prior blocks will also be made available online. With this, people can get a clear idea of how the system works. They won’t have to worry about any suspicious details in their chains.
9. Energy credits may be available
You may be able to get energy credits depending on where you are located. Blockchains may be generated for acquiring renewable energy credits. This helps you to get a business or other entity to work with solar or wind power or with other renewable energy options.
This is useful if you are planning on generating renewable energy. This includes energy used for private purposes. This is useful but you must watch for the total credits you will earn versus what you might spend on energy. This includes looking at how much money it costs to generate energy used to produce a new blockchain.
10. Digital signatures may be required
The last improvement that blockchain uses comes from digital signatures. A digital signature is a setup that encrypts data with a digital code. This should entail a setup that is difficult to read without a proper encryption key. This helps to make it easier for you to get the most out of your security.
You should look at how blockchain can be of benefit to you. This makes it easier for transactions to be made while also being fully transparency. The simplicity that comes with the setup is especially important. Be sure to consider it for your general use in the future.