By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
  • Home
    • About us
    • About Hinza Asif
  • News
    • Cryptopedia
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • Altcoin News
    • Latest Metaverse & NFT News
      • Metaverse & NFT Games
      • Virtual Land
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Search
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit Press Release
  • Submit NFT Project
© 2022 NFTStudio24.com News Network. All Rights Reserved.
Reading: Explained: Blockchains and their disruptive power
Share
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Search
  • Home
    • About us
    • About Hinza Asif
  • News
    • Cryptopedia
    • Latest Metaverse & NFT News
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Have an existing account? Sign In
Follow US
  • About us
  • Advertise with us
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
  • Global
  • Japan
  • South Asia
  • Partners
  • Community
HOME > News > CRYPTOPEDIA > BLOCKCHAIN NEWS > Explained: Blockchains and their disruptive power
BLOCKCHAIN NEWSNews

Explained: Blockchains and their disruptive power

NFT Studio 24
Posted NFT Studio 24 October 19, 2021 416 Views 3 Min Read
Updated 2022/02/08 at 5:00 PM
Blockchains
SHARE

Synopsis

A blockchain is simply a shared ledger, or database, that can be accessed, filtered, and manipulated quickly and easily by any number of users at once.

Blockchains

Imagine a world where you can send money to anyone without the need for a bank. A world where there are no bank fees, where you have complete control over your assets, and no government can manipulate the value of your hard-earned money. Sounds like a dream, right?

But this world is not imaginary. It is being created bit by bit as you read this, on the back of blockchain technology.

A blockchain is simply a shared ledger, or database, that can be accessed, filtered, and manipulated quickly and easily by any number of users at once.

It stores information in groups called blocks, which have a certain storage capacity. When full, they are linked, or “chained”, to the previous block. Any subsequent information is put into a freshly created block and the immutable chain continues to grow.

In a blockchain, each participant computer, or “node” has a full record of the data that has been stored on it since inception. The Bitcoin blockchain, for example, has a record of every bitcoin transaction ever made. Blockchains can record information in a way that makes it close to impossible to change, hack, or cheat the system.

That’s because the record is distributed, not copied or transferred, creating an immutable record of an asset. It is also decentralised, allowing full real-time access and transparency.

While cryptocurrencies are currently its most popular use case, blockchain technology can also be used to track any kind of asset — from houses to land and even patents. This gives it the potential to disrupt almost every sector.

For example, the Election Commission of India is working with IIT-Madras on using blockchain technology for remote voting. And Plymouth University explained in a paper how blockchain could be used to make the elections more transparent.


Advantages of blockchain technology
Accuracy: Any transactions on the blockchain network must be approved by a network of thousands of computers. This minimises the chance of errors and makes the system extremely difficult, if not impossible, to hack.

Lower transaction cost: When you make a transaction via banks, you pay the bank to verify a transaction. Blockchain eliminates the need for third-party verification and, with it, their associated costs.

Decentralisation: There is no central location or entity that stores the information of any transaction. Instead, the blockchain is copied and spread across a network of computers. When a new block is added, every computer on the network updates its cop ..

Read more at:
https://economictimes.indiatimes.com/tech/trendspotting/explained-blockchains-and-their-disruptive-power/articleshow/87109171.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Sign Up For Daily NFT Drops

Don't miss the next NFT drops!!!
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Valour Inc., a Subsidiary of DeFi Technologies, Valour Inc., a Subsidiary of DeFi Technologies, Lists Its Exchange Traded Products on the Frankfurt Stock Exchange
Next Article Bitcoin ETF First-ever Bitcoin ETF debuts on NYSE in landmark moment

Don’t miss the NFT Drops! Sign up Now

I have read and agree to the terms & conditions

Latest News

The Metaverse is Alive and Thriving Experts Reveal its Enduring Potential
The Metaverse is Alive and Thriving: Experts Reveal its Enduring Potential
Guide METAVERSE May 31, 2023
Israel Crypto Conference
Israel Crypto Conference Highlights Essential Security Practices for Web3 Startups
News May 31, 2023
Beijings Web3 White Paper Unveiled to Drive Innovation and Propel Industry Growth
Beijing’s Web3 White Paper Unveiled to Drive Innovation and Propel Industry Growth
News May 30, 2023
Join us
Ad imageAd image

You Might also Like

Israel Crypto Conference
News

Israel Crypto Conference Highlights Essential Security Practices for Web3 Startups

May 31, 2023
Beijings Web3 White Paper Unveiled to Drive Innovation and Propel Industry Growth
News

Beijing’s Web3 White Paper Unveiled to Drive Innovation and Propel Industry Growth

May 30, 2023
Solanas Crypto An Exclusive Interview with Raj Gokal
News

Solana’s Crypto: An Exclusive Interview with Raj Gokal

May 30, 2023
Elliptic drives crypto adoption with advanced analytics.
News

Institutions Demand Advanced Blockchain Analytics to Drive Crypto Adoption: Elliptic

May 29, 2023
//

NFTStudio24 delivers the latest NFT news to its global audience. We are committed to reporting mainstream and emerging talent via exclusive press releases, podcast interviews, NFT rankings, and much more.

GET IN TOUCH

  • About us
  • Advertise with us
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy

Experts Alliance

  • Experts Alliance
  • About Alliance
  • Alliance Benefits
  • Membership requirements
  • Apply Alliance
//

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Follow US

© 2022 NFTStudio24.com News Network. All Rights Reserved.

Removed from reading list

Undo
Join us metaverse Join us metaverse
Welcome Back!

Sign in to your account

Register Lost your password?