Request A Consultation
All of us investment enthusiasts have at one point or the other downloaded crypto currency applications like CoinSwitch Kuber and WazirX, all the time wondering whether it would be the right move to invest in a virtual currency. We are also certain that in your quest to make sure that this new monetary representation was secure, you have come across the term ‘Blockchain technology’. But what really is a blockchain technology that is making businesses so secure? Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain.” In a network connected through peer-to-peer nodes.
Typically, this storage is referred to as a ‘digital ledger.’ Every transaction in this ledger is authorized by the digital signature of the owner, which authenticates the transaction and safeguards it from tampering. Hence, the information this digital ledger contains is highly secure. In simpler words, the digital ledger is like a Google spreadsheet shared among numerous computers in a network, in which the transactional records are stored based on actual purchases. The fascinating angle is that anybody can see the data, but they can’t corrupt it. It is this feature that makes it such a stalwart for the web-security world.
But why has it become so popular? Record keeping of data and transactions is a crucial part of the business. Often, this information is handled in house or passed through a third party like brokers, bankers, or lawyers increasing time, cost, or both for the business. Fortunately, Blockchain avoids this long process and facilitates the faster movement of the transaction, thereby saving both time and money. It is a highly secure and decentralized way of performing transactions with the mutual consent of its users.
Blockchains store information on monetary transactions using cryptocurrencies, but they also store other types of information, such as product tracking and other data. For example, food products can be tracked from the moment they are shipped out, all throughout their journey, and up until final delivery. This information can be helpful because if there is a contamination outbreak, the source of the outbreak can be easily traced. This is just one of the many ways that blockchains can store important data for organizations.
The next major impact is in the concept of Trust, especially within the sphere of international transactions. Previously, lawyers were hired to bridge the trust gap between two different parties, but it consumed extra time and money. The introduction of cryptocurrency has radically changed this trust equation. Many organizations are located in areas where resources are scarce and corruption is widespread. In such cases, Blockchain renders a significant advantage to these affected people and organizations, allowing them to escape the tricks of unreliable third-party intermediaries.
There are many other universities like University of British Columbia, New York University, Carnegie Mellon University, University of Cambridge, University of Warwick and Columbia University among others.
Guess what? We at EdNet Consultants can help you apply to them all! Reach out to us for more information!
Ednet Consultants is proudly powered by WordPress