The Blockchain is a technology that was originally used in Bitcoin (the coin that pioneered the cryptocurrency market). It is able to execute secure and reliable financial transactions between two parties without using intermediaries. Blockchain can be viewed as a form of distributed ledger that uses encryption to store records of transaction data that cannot be tampered with. The data is usually stored through its peer-to-peer network through the use of the consensus of peers to make each transaction valid.
One of the main advantages of a blockchain system is that it gets rid of, or reduces, costs in different applications, especially in financial services. It removes the need for a central authority in executing and authorizing transactions. Instead, transactions go directly from sender to receiver. The Blockchain is a groundbreaking technology in society today. It is being used by big multinational businesses around the world for carrying out financial transactions. Some big companies are also investing into this technology and even patenting their blockchain-based ideas so that they can be ahead of other fintech corporations.
Also, blockchain synchronizes well with the internet of things (IoT) which are able to collect and exchange data within their internal networks. The IoT enables objects to be controlled remotely across network infrastructure and also gives room for more direct integration of the world with computer-based systems. This improves efficiency, accuracy, convenience, and also leads to economic advancement. Imagine if we had one centralized medium where funds can be contributed to fight climate change. This will go a long way in empowering individuals that are interested in making a difference in this mission and also allow them to receive a share of the profits.