Blockchain - the most emphasized technology that the world has witnessed in the recent times. The blockchain is kind of a stuff that is introduced way back in 2009 alongside with the Bitcoin integration and yes, it was an alternative to the system that was enrolling during that time period. From the technology which wasn't quite that advanced as it is now, the effort that put forward for this system is mind-blowing and an encouraging one. We shall take care of this "blockchain" stuff and the basic facts to explore this term in MLM marketing world.
Blockchain technology, entering into the successful tenth year anniversary has been through thick and thinner side in the online world. Even though it's gonna be touching a good time in the history, there is still rumors and gestures floating around this innovative technology. And there have been explanations on the technical analysis which lead the online world into two, one those who support the facts of the technology and the other who gives out an opinion "this will be a failure". Let's see our point of view and the basic facts.
Fact #1: Uniqueness in the technology!
Blockchain is a unique technology that got widely accepted among the online users and actually blockchain is a ledger system that helps to keep most of the distributed system.
Yes, it's public but well secured to store and process all the data as it got wide applicability over the existing systems.
The blocks of data connect together in the blockchain (each block represent a transaction or similar sort of data) and these blocks have its relation with the neighboring ones to form a cluster system. And each time a block is added up, the successive block registers a timestamp or similar sort of stuff that relates to the previous one. Thus these interlinked locks aren't that easy to break. And we call this as "security" which we will explain in the next part.
Fact #2: Security - The key stuff!
The "security" stuff, yes, blockchain is secure enough to make all these processes perfect. While a block is created it is hashed and is registered in as a public data, however, the "public" it is, there ain't issues with privacy issues. Let's consider the situation where you're in an MLM network and you're currently progressing with the old techniques that depend on third-party mediums like financial institutions, banks etc. in order to make transaction across the globe or within the local board lines, the bank needs to approve the request and then proceed with transaction.
There might be delays etc. and that's where this blockchain technology really matters the most. Just make the transaction look simple within the blockchain network (of course the MLM business has to be converted into the blockchain network) make the transaction in a quick session and this transaction will be added in as a new block. But you might think that if the details are public how come is it secure?
As we told you before the hashing makes this secure. The hashing lets the data to be labeled in as "validated" and if a wrong person or something spooky is happening over these data, the concerned nodes will check it and have the authority to deny the transaction. So privacy and security matters here the most.
Fact #3: Blockchain as application units!
Now, as we have a certain idea about the blockchain let's see the topmost applications of this particular technology and what might be the future. Cryptocurrency, one of the best applications considered among the online world which came in as a perfect solution for the physical money. With the emergence of cryptocurrency, the wastage of time and money is minimized to the furthest end. And as we said earlier the transaction stuff became simpler with a particular cryptocurrency.
Up here in the blockchain slot, a new cryptocurrency can be easily created and used for basic processes as well certain advanced process that can make a huge benefit out of it. Obviously, you would like to know those opportunities, trading is one among them. Here, you could trade between cryptocurrencies as well as another sort of money-stuff. "Investment", one of the areas where most people keenly observe and eventually invests for a better fortune.
Future matters rather than present, or even say the same sort of living to be enjoyed in the old times too. So, by making a good note on the present marketing caps and future predictions choose the right one to invest on. Well, how to invest among the cryptocurrencies? We will discuss these topics as it is too wide to narrate it down in this article and we'll have a series of articles on this topic.
Exchange platforms are another medium of crypto-functionalities that is gaining probable numbers among the pack.
The other applications are on the developing side like used in the banking/financial sector, government networks, insurance business and much more.
The most important fact is that the term might be familiar but how far is it applicable is the concern! Hope this article cleared some air around this topic and at least to some extent.