Site icon Technology Dominator

What Blockchain Is and Why We Need It

What Blockchain Is and Why We Need It

Blockchain is being talked about everywhere: it’s used for cryptocurrency and art trading, for smart contracts and for protection against cyberattacks. What is blockchain? How does it work?

Blockchain: What Is It, Why Do We Need It?

Blockchain is a decentralized, publicly accessible database. It stores information about transactions between participants in the system in the form of blocks linked to each other.

Blockchain allows you to find out who owns what asset. If the chain records that you are the last purchaser of a digital copy of the Mona Lisa, no one can simply take it and appropriate it for themselves.

Features of blockchain technology:

At first, blockchain was only used for signing documents. Then people figured out how to use it to transfer money directly, without intermediaries like banks and payment systems. It’s fantastic if you need to deposit money to sites, like or a casino where you want to stay anonymous. This required inventing cryptocurrency – digital money that exists in the form of a mathematical code.

What Blockchain Is Used for

The features of the technology allow it to be used where transparency and security are needed. That’s why blockchain is used:

This isn’t all the areas where distributed databases can be used. Experts consider the technology promising.

Disadvantages of Blockchain

The Future of Blockchain

Blockchain technology has been around for more than a decade. However, it’s still a novelty in many countries, and its use is insufficiently regulated by law. Given blockchain’s functionality and multiple applications in many industries, including commerce, we should expect to see the development of the technology and regulations related to it in the near future.

Blockchain is a challenge for lawmakers and practitioners alike, requiring new legal solutions, new legal skills, and collaboration between the legal and IT communities to create and apply the law. In the marketplace, effective blockchain integration will certainly be an easier task for large conglomerates with the resources to invest in new technology. It will be much harder for smaller brands to take advantage of the technology.

Review What Blockchain Is and Why We Need It.

Your email address will not be published. Required fields are marked *

Exit mobile version