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In Previous blog section we are discussed about List of countries accept Bitcoin as Legal and Illegal. Now it’s time to know about how block chain technologies could change financial markets.
What is block chain technology ?
Blockchain seems to be the high tech alteration for Bitcoin, because it stands as the evidence for all transactions globally. Ledger where all of its transactions are distributed in a single network. Transactions are stored on ledger across the network , that can be verified by the users among the networks.
What does block chain technology provide?
A notable beneficiaries of block chain is it can decline inefficiency of financial market and can fasten . Transactions cost are low lying and that is the most important and provides high safe & secure platform . They provide us the belief for all users , reduce the possibility of human errors with an complete automated system.
By using these block chain methodologies , users can make a settlement of all which are stored in public ledger . Best Example : A member can contract for the purchase of goods or products from one party to another from different venue using block chain methodologies for the evidence of holder without any assistance of middleman. These are the 3 important major roles in blockchain technology
1. Recording Transactions
2. Establishing identity
3. Establishing contracts
How Block chain works :
1. User A wants to send money to User B .
2. Transaction is represented online as a "block"
3. Block is broadcasted to every party in network
4. Those in network approve transaction is valid
5. Block then can be added to chain , which provides an inedible and transparent record of transactions
6. Money moves from User A to User B
How Block chain technology could change ?
Recent article of World Economic Forum report assumes that by 2025 10% of GDP will be stored on blockchain or its related methodologies . It means that every person involved in financial market should take a look over !! Globally , the financial markets is the largest sector by market capitalization. Blockchain technology could revamp by providing p2p transactions and has huge sufficiency.
Greetings! This is Dheivanai! My love for writing transformed me as a blogger and the Passion for Crypto industry turned me as a business advisor at bitdeal. Crazy towards digging deep and analyze the new trends in the Cryptocurrency and Blockchain Industry. Follow us to read interesting and existing blogs! Stay tuned, Stay updated!
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