Question

companies are adopting or planning to adopt blockchain technology. Since we want to focus on corporate applications, please select a non-cryptocurrency topic.

1. A brief summary of blockchain technology in general. Minimum 250 words

Answer 1

Blockchain technology is a system that holds transactional documents of the public in many files, known as the "chain," in a network linked by peer-to-peer nodes, also known as the block. This storage is usually referred to as a 'digital ledger.' Any transaction in this ledger is approved by the owner's digital signature, which authenticates the transaction and prevents it from being tampered with. Hence the details stored in the digital ledger is highly secure.

Data and activity record-keeping is a vital part of the company. Often, this information is managed in-house or transferred by a third party such as brokers, banks, or lawyers who increase time, expense, or both on the company. Fortunately, Blockchain avoids this long process, and facilitates the transaction's faster movement, saving time and money. Most people assume that Blockchain and Bitcoin can be used interchangeably but that is not the case in reality. Blockchain is the infrastructure that can serve a range of applications applicable to various sectors, such as banking, supply chain, manufacturing, etc.

Blockchain is an evolving technology with many benefits in an increasingly digital world: Highly secure Blockchain technology uses a digital signature mechanism to perform fraud-free transactions making it difficult for other users to manipulate or alter an individual's data without a particular digital signature.

Decentralized network According to tradition, you need the consent of regulatory bodies such as a government or bank for transactions; but, with Blockchain, transactions are made with the collective understanding of users resulting in easier, healthier and quicker transactions

One of the cardinal features of Blockchain technologies is the way they validate and approve transactions. For example, if two people, respectively, choose to make a transaction using a private and public key, the first person party will add the personal information to the second party's public key. The complete knowledge is compiled into a block.

The block has a digital signature, a timestamp and other related information. It should be remembered that the block does not contain the names of those involved in the transaction. This block is then spread to all the nodes in the network, and when the correct person uses his private key and connects it to the block, the transaction is successfully completed.