Blockchain Technology – What Can Blockchain Do?
Financial institutions have funded countless industries in the last 30 years; they think what revolutionary technology can do in this long-running system.
To counteract changes, many banks have acted proactively by forming Research & Development, testing centers and establishing partnerships with blockchain developers to understand the potential of this technology.
Financial institutions became the first to deepen, but academics, government, and consulting companies have also studied this technology.
This has been running for three years and the results are starting to appear. Although it’s not too clear in all fields, this is what we know blockchain can do:
Form a digital identity
For identity components, blockchain technology is done through the use of cryptographic keys. Combining a public key and private key will form a strong digital identity reference based on ownership. The public key is how you are identified in the public (such as an e-mail address), while a private key is how you approve in digital interactions. In the blockchain revolution, criticism becomes a very important part of a force
Acting as a record system
The blockchain is an innovation in information registration and distribution.
*Data is not encrypted – can be read by each blockchain and is very transparent
*The key provides access to data on the blockchain and can find out who added the data
Such a joint record system can change the way different organizations work together.
The features of the blockchain database have their own history. Because of this, they are known as immutable. In other words, it is very difficult to change entries in the database because it requires changes to all data that comes after it, at each node. In this case, blockchain is more of a recording system than a database.
Serves as a platform
Cryptocurrency is the first platform developed using blockchain technology. Today, they are changing the idea of a market cryptocurrency platform into a platform for smart contracts.
There was a smart contract like a vending machine in the 1990s made by Nick Szabo.
There are also smart legal contracts or Ricardian contracts. This program controls the blockchain assets, executing interactions made on the ethereum blockchain. Ethereum is a platform for smart contract codes.