What are blockchain technology and its working process?

A technology has been becoming more faster and advances day by day. You can see in each sector the technology is playing a huge role when it comes to attaining success. Blockchain technology is the latest technology that has a huge impact in the field of finance. This technology was firstly designed for the development of Bitcoin. Bitcoin a popular type of digital currency that is also known as a virtual currency. Now the blockchain technology is applicable in other sectors as well. In simple words, we can say that blockchain technology is a digital ledger of the transaction. We can easily maintain records for hundreds of years to using this latest technology.

Working process: The working process of blockchain technology is same to the working process of the ledger. There is the difference between them that is working platform i.e. blockchain technology completely internet-based technology. To keep records for a long period of time this technique is really effective and better. It has been using almost in all sectors. Some sectors have been listed below:

  • Banking
  • Insurance
  • Stock trading
  • Law enforcement
  • IOT (internet of things)
  • Supply chain management
  • Gift cards and loyalty programs
  • Government and public records

Existing problem: Most of the people think that a coin or token is necessary for a blockchain. It is not all about what you can invest money in an ICO and the solution is the clear coin. It has the main role in blockchain technology. You can easily make a transaction to using a clear coin. There are different methods in the technology of blockchain and this technology does not require any coin but requires ideal payment methods. The latest technology of blockchain is a great technology for creating a new economy. Really this is the great way to maintain financial records in an industry.