In the business world as well as the media, blockchain is still a hot-button issue. Although many people have heard of blockchain, they may not be aware of its nature. In its most fundamental form, a blockchain is a data structure that makes it possible to create a digital record of transactions and share them across a distributed computer network. One of the main benefits of blockchain is that it builds trust between parties who share information.
Who uses blockchain?
Blockchain can be beneficial to insurance companies, banks, hospitals and even governments that have a lot of stored records and need to move and share information.
1. Public or open blockchain: It is used by governments or non-profit organizations where public access to information is available.
2. Private or closed blockchain: It allows only users who have been invited to participate, view and use the information for administration, billing, and payment of claims. Sharing only the necessary information is done.
Conclusion
It is both our current and future technology. Cryptocurrency and NFTs are currently utilized to stop fraud, deter crime, and identify criminals. Blockchain technology is used in cryptocurrency and NFTs. NFT marketplace in India has been declared legal by many governments. It is going to be the trend in the near future. Blockchain technology has few risks that can be overcome with social awareness, despite its benefits.
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