Two main parts make up a blockchain. The first component is the decentralized network. The decentralized network is what facilitates and verifies the transactions that are made. Having blockchains on a decentralized network means that the software isn’t limited to one computer system. Instead, it can be controlled on multiple computer systems, and more importantly, it isn’t controlled by the government.
The second component is the indisputable ledger where the transactions are processed and recorded in a location that is secure. This security makes it almost impossible for someone who is not connected to the chain to make changes or steal information.
Since there can be numerous contributors involved in any blockchain, any of the contributors can control the information that is entered into the ledger. Since every transaction is processed securely, and given a permanent time-stamp, it can become challenging for another contributor to alter the ledger in any way.
Blockchain technology can be used for various computerized and internet-based application. One of these applications is smart-contracts. Smart contracts allow businesses to automatically verify and execute agreements that function independently in a secure environment. Blockchain technology acts as a middleman for implementing all business deals, protocols, and programmed exchanges of information in smart contracts. As more and more transactions are completed online, to not only run our personal lives but professional lives as well, more and more deals are being signed and created online.
Blockchain applications have begun to become increasingly popular in the medical field in recent years. Researchers are now investigating these applications dealing with digital identity, insurance records, and medical records. There are many medical offices today that use some kind of digital machine to verify that the information they have on file is, in fact, your information.
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