Blockchain is a revolutionary new technology that has the potential to improve and reimagine every major industry. A decentralized, digital database, blockchain is used to store lists of records, called blocks. These blocks link to one another in a chain through the use of cryptographic algorithms.
While many different types of information can be stored on a blockchain, currently it is most commonly used for transactions. By maintaining an up-to-date, official copy of the ledger across a peer-to-peer network of distributed computers, blockchain eliminates the need for third parties. This makes blockchains trustless, meaning that users do not need to trust an intermediary— like a broker— to supervise, verify, and execute transactions.
In place of an intermediary, blockchains use smart contracts— instantaneous, self-executing contracts that establish the terms of the agreement through code. This method enhances efficiency, transparency and security.
Decentralized blockchains are immutable, which means that the data entered into them cannot be erased, reversed, or altered. Transactions are thus permanently and instantaneously recorded and viewable to all parties.
In comparison to banks, the blockchain is open 24 hours a day, 365 days a year. Users can determine how much of a transaction fee— if any— they are willing to pay. Transactions can also happen in a matter of minutes as opposed to days, and anyone can participate
Access to the internet and a mobile phone are the minimum requirements to engage in blockchain activity. While transactions are traceable they can remain anonymous. For these reasons, it is an attractive banking alternative. In addition, blockchain is borderless, censorship-resistant, and can be applied to virtually any industry.
According to Fortune Business Insights, the global blockchain market is projected to jump from $7.18 billion in 2022 to $163.83 billion by 2029, at a CAGR of 56.3% within that time frame.
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