Blockchain Technology Crash Course
Since. The time and money has been used for transactions, we have relied on organizations. Like banks, and financial institutions as, well as the government in order to authenticate, verify. And validate, our, transactions. These. Are intermediaries. Who build, trust in a transaction, and who ensure that a record is maintained, or the transactions, conducted, on a daily basis while. Physical money and documents. Were still easy to record and maintain, digital. Transactions, with digital money and digital. Files are concerned, makes, it even more difficult for us to authenticate and, validate, the. Need for intermediaries. Who can authenticate and, validate, digital, transactions, was extremely, important, because digital. Assets stand, a higher chance of being replicated, it. Leads to the problem of double spending, where, the same unit of money is used more than once but. More so what, if we were able to transact, and create, contracts, without the intervention, of intermediaries. At all and still, maintain, the authenticity of, the transaction, or the contract. Interesting. As it sounds, the technology, for this didn't, exist a decade ago but. Blockchain, is finally, here and it can make such things possible, the. Technology is yet to complete mature, and it is still in the process of trials by many companies, if. We are able to find a way in which the limitations, of blockchain, can be reduced and it can be made mainstream. Transaction. Costs may go down invariably. And the global economy may, see a huge transformation. The. World was first introduced, to blockchain, through Bitcoin in a 2008. White paper that was authored by a person, or a group which, goes by the pseudonym, Satoshi, Nakamoto. Nakamoto. Talked, of a technology, that used a peer-to-peer lectronimo. Which was termed as Bitcoin it. Removed, the need of intermediaries. Completely, from the system and allowed, for payments, to be made directly. Lots, of people have their reservations, about it when Bitcoin was introduced, but. It also caught the attention of, technology. Enthusiasts. Who found the decentralized, system. Of payments, to be exciting, and innovative. While. The Bitcoin was an amazing, development it was the mechanics, behind it that garnered, a lot of popularity and was truly radical, people.
Began To realize that it wasn't Bitcoin, that was the most attractive part of the whitepaper release. Blockchain. Was far more revolutionary. And had more uses than the digital currency with, which it was discovered, bitcoin. Is most commonly, associated with blockchain, perhaps, because it was first application. To have used the technology today, the, technologies used by many other altcoins. And has, many companies, from different industries using, the technology to its. Popularity, grows, with a growing reach of the Internet and has more relevance, today than in 2008. When, it was first used. How. It works. The. Name blockchain, comes, from the very basic fact that the technology creates, a chain of blocks where, each block has information, related. To transactions, occurred, at a specific period of time it, is, decentralized in, nature the, blockchain is a distributed. Ledger which, continually, records, transactions. To update all parties, of who, owns what it. Does the job of centralized, administrations. Like governments, banks, and financial. Institutions. The. Blockchain has, a network of replicated. Databases, which, is updated via the internet and can be seen by anyone who, has access to the network, some. Block chains may be restricted, while, others are open to public view it. Depends, on the nature of the blockchain and the requirements, of the company or organization. Using, the blockchain, every. Block constitutes. Of a number of transactions, but may have occurred since the creation of the last block it. Contains, a hash of the previous block which, supports, the creation of a chain where, each block can trace only, one path back, to the original block which, is usually known as the Genesis. The. Blocks follow, chronological. Order because, it would otherwise not, be able to find out the hash for the previous block a block. Is created, to be computationally, so difficult, that it is almost impossible to, modify, once, it becomes a part of a chain for a while because, changing, one block requires, a change in the entire chain. This. Feature makes. Bitcoins, irreversible. And is, also the main reason by, people, like the idea behind the Bitcoin. Sometimes. Two, blocks may be created, at almost the same time with, very little time difference, they sell, eats to one block fork in situations. Like these the, next block is built upon whichever. Block was received first so. The hash used, for the next block decides. Which, block is included, and is part of the original chain, the.
Other Block which, forms a shorter chain is not used for anything in the future all valid. Transactions. Which were included, in the block in the shorter chain will, be queued once, again and added, to new block in the main chain, these. Blocks on the shorter chain are known, as orphan, blocks because, they are not used any longer and they have no patent in the longest chain the. Blockchain technology, uses, hard fork as a method of bringing a major change to the protocol, which, makes it necessary for all nodes and users to upgrade to the latest version, of the protocol software, this. Ensures, permanent, divergence, from the block chain that was previously, used which renders, nodes, running, on the old version incapable. Of working - they are updated to the newest version the. Fork has two paths where. One carries, forward the new version, while the other continues, the older version, users. Who are on the old version end up realizing that, they are using a version of blockchain, that is no longer relevant and they automatically, upgrade, to the latest version. Hard Forks may be used for a variety of reasons. Aetherium, used hard fork to aptly, handle this security breech they faced on the DAO. Decentralized. Autonomous, organization. By. Creating a hard fork it was able to invalidate the transactions, confirmed, by the nodes which, were not using the upgraded, version of the software it. Helped, in ending, the breach and also, ensured that the DEA token holders were, able to get back there Etha funds. When. A blockchain is required, to add new features and functionalities. That can be backwards, compatible then. A soft fork is used it, is known as a soft fork because, users can choose to go back to the old rules nodes, following, the new rules would ignore blocks created, on old rules if the majority of the blocks being created, are using, the new rules, the. Five main principles, underlying, blockchain. Technology, our, first. Distributed. Database. The. Data held, by a blockchain is accessible. By every party on the blockchain, this. Includes, the entire data including, the history, the. Blockchain does, not hold the data back, for a single person or a group, this.
Means That every party can verify the transactions, of its transaction, partners, without the help of any intermediary. Second. Peer-to-peer. Transmissions. Blockchain. Technology, allows, communication, directly. Between the pairs taking, away the need for a central node for communication. This. Means that every node stores, and forwards, the information, to all other nodes so. Unlike, the traditional methods, of record-keeping. Where, transactions, are stored by a central authority like. The government or the bank blockchain. Technology, makes information easily available and accessible, to, users who are on the network. Third. Transparency. With unanimity. The. Transactions. Stored, in the blockchain can, be viewed by everyone, on the network, every. User or node on the blockchain is assigned, a unique alphanumeric. Address. Of 30 characters, or more, this. Alphanumeric. Address identifies. The user from, the rest in the network a user. Has, the option of sharing their identity, or keeping, it anonymous, anonymity. Does not hinder the experience, or the quality of transactions. Conducted, on the network because transactions, use addresses, and not, personal, identities, this. Makes the system secure, and allows, users to avoid the breach of confidentiality, of, Records especially. When it comes to personally, identifiable. Data and other confidential records, which can be used to harm or damage a person and their reputation. Fourth. Permanency. Of records. Transactions. Recorded on the blockchain are permanent. In nature because. Deleting, one record, automatically. Effects everything else on the blockchain, for. A person to hack into a specific block on the chain he, will have to hack all the blocks that were created before that block in the chain and ensure, that it is done on all the Ledger's distributed. Around the network to. Accomplish, a task of, such magnitude is, close, to impossible since. It requires a huge amount of resources, this. Means that the records are very secure, and they cannot be tampered with this. Is the reason why it is known as a chain since, the blocks are tied to each other in chronological, order. FIF. Computational. Logic. Keeping. In mind that blockchain. Is digital, in nature makes. It possible for the ledger to use computational. Logic where, different sets of programs and, algorithms, can be used to trigger transactions, between the nodes and uphold. The security, of the blockchain. Understanding. The five main principles, of blockchain, technology, helps. In comprehending. Halbert technology, works and how effective, it could be when. A digital transaction, is performed, it is put together with other transactions, that may have occurred during the same period of time in a block that is cryptographically, secured. The. Bitcoin blockchain puts, together transactions. That may have occurred in approximately, ten minutes from, the creation, of the last block and then, this information is sent out on the network. Miners. Who are members in the network with very high computing, power compete. With each other to be the first to validate the transactions, in the block by solving complex, coded, problems, the. First person, to be able to solve the problem is able to claim a reward, for. Bitcoin miners the, current reward is twelve, point five dollars, bitcoins, and the transaction, fees for, transactions, stored in the block the. Miner who claims the reward gets, to place the block in the chain the. Block is time-stamped, and it is added to the chain in linear, chronological. Order this. Chain of blocks has, a record of every transaction that would have been conducted, within the network and all, members in the network will, have access to all these transactions, knowing, fully well who owns what. Being. Decentralized, in, nature the blockchain makes, intermediaries. Seem obsolete, while. Financial institutions. Around the world are beginning to recognize the power of block chains and use, it to their benefit, proponents. Of digital currencies, support, the idea of decentralization. Which, takes away power from banks and governments, and suppose, the availability of information for, everyone, the.
Conceptual, Framework of, blockchain, makes, it ideal for financial. Processes, because, it eliminates the need for intermediaries. Like banks, which tend to be bureaucratic. Time-consuming. And expensive. It. Is being considered, as a digital, alternative. To banks and while it is still in the early stages of growth recent. Developments, prove that, more companies are beginning to explore the benefits of blockchain, technology. Blockchain. Is also promising, tool for applications, other than cryptocurrencies, it. Has, the ability to greatly transform, our current perspective of, the Internet of Things IOT. And, it can also bring a radical, change in banking, and banking, processes, it. Is very similar to a shared, spreadsheet. In this, case the, data on a blockchain. Shared globally, and is accessible, to anyone who is a member on the network only. Verified, transactions, can made it to the blockchain and once recorded this, data becomes, irreversible, making. It difficult for people to use the same currency for two transactions. How. Can blockchain, transform, the global economy. Blockchain. Technology, is powerful, the idea behind it is unique it combines. Three different, ideologies, which have existed, separately, for a considerable, period of time and have, now been brought together in the blockchain which, was introduced, by Satoshi Nakamoto. These. Three technologies are, the internet private. Key cryptography and a protocol, which, targets. Incentivising. Having. Been used by a Bitcoin, for a long time, blockchain, has gained the attention of people around the world because, of its powerful concept, it. Aims at reducing costs. Tremendously, and chaining, the manner in which transactions. Are conducted in today's world, we. Are looking at a huge reduction of intermediaries. With the job of lawyers bankers. And government officials being, handled very effectively, by the blockchain. With. A distributed, ledger available, for everyone to access and check data for others on the network, transparency. Will be high and ease of access, very gratifying, for the users, the. Technology, attacks directly, at the weaknesses, of the current system of business and governance and turns, the tables to create new foundations, for the global economy. Here's. How economies, around the world can leverage the unique ideologies. Of blockchain. Blockchain. Technology, holds a lot of power in it but the use of the technology aims, at D centralizing, power and helping, everyone have easy access to information. Here. Are some of the ways in which blockchain, technology, can be used by the world. First. Blockchain. Finance. While. Bitcoin is the first and most popular use, of the technology many, other cryptocurrencies, are, based, on the same ideology, we. Aim at ensuring, that all financial transactions. Are conducted with, high security in mind. Exchange, of money at this time mainly, requires mediators. Like banks, however. Blockchain. Technology, puts transactions, on a digital record and copies, of this record is shared and continually, updated, with everyone who is a part of the network. This. Is the most prominent use of blockchain, technology, the, system of using miners, to validate the transactions, and build, the blocks on a chain recording. All transactions, right from the beginning makes, the entire system free of risks, like hacking, or trying, to spend the same currency, more than once. Second. Asset. Management. Traditional. Trading systems, can be very tedious the. Process, of managing assets is considered, risky, and expensive, it. Entails, transaction. Fees which, are paid to intermediaries. Who can help in the effective management of assets all. Parties, maintain their own records, of the assets and a lot of this involves, the chances, of error with multiple, records being held by different people. Blockchain. Ledger's simplify, things where. The same record is available for one and all the records, are encrypted. Which, means that once validated. They cannot be modified, they. Are easier to access if you are on the network and readily, available as, well with. Fewer intermediaries. Prophets. Realized through an asset can be considerably, higher two. Third. Insurance. Claims processing. Processing. Insurance, claims involves. A lot of room forever there. Is the possibility of processing, fraudulent, claims the, need to go through every claim felt carefully, so that the details can be extracted and insured, the, insurance, claim being processed is for an honest claim it.
Becomes A hassle for insurance, companies as well as honest claimers, since, every claim filed has, to be thoroughly checked, with. The advent of technology, that removed, the chances of fraudulent by, providing risk free management, of the claims with complete from sparin see there, is a higher chance of insurance, claims becoming, more simplified, than what they currently are. The assets owned by a person can captured, by the insurers, and encrypted, on the blockchain providing. Correct information, for anyone accessing, the files. Fourth. International. Payments. Global. Payments continue to be a problem even, invest acknowledged eclis advanced, era financial. Institutions, throughout the world are trying, to look for solutions in the blockchain when, it comes to payment remittance. Santander. Is one of the banks that merged blockchain, to its payment SAP in 2004. And it allows its customers, to make international, payments 24, hours a day clearing, the payments the next stay if. There are other companies that are exploring, possibilities, of benefiting, from the blockchain technology. Fifth. Money. Lending it. May seem implausible, but. Money lending, is totally, possible through the blockchain the. System can make it possible for people with low or poor credit scores to get a loan from lenders on the blockchain network, who can take your property as a collateral the. Entire transaction is conducted, in the blockchain for, transparency, you, can use smart technology, in your property and registrations, of tangible, and intangible properties. Like your home car. Company. Shares and property, titles can be added to the blockchain or it can established, who, has the rights to own the property and who does not this. Can be kept as a collateral with a lender who can lend the money and everyone, on the blockchain will have this information, where. Banks may have charged high interest, rates a lender, the blockchain may be able to do it a lower interest rate. Sixth. Smile. Property, made better. We. Are already using smart, keys in the form of car keys and phone pins, tapping. The car key helps you open the car without inserting the key in the lock at. The same time, phones are unlocked by entering, a pin or a pattern on the device but these, can be less secure, keeping in mind they, are stored, physically, and locally, the, information, stored in your phone's SIM card can be lost and not redeemed but, information stored, in the blockchain is, not, locally stored and miners are able to replicate lost, protocols. Seven. Internet-of-things. Made. More secure, when. Any device is able to connect to the internet and, talk to other devices it is known as the Internet of Things IOT. This. Is another fast-growing, technology, which has a lot of applications. And uses. Governments. And companies will, be able to improve the quality of living and services, by many times through, the use of IOT, if. You Forge to close the garage door a, smart, sensor, will automatically, identify this, and close the door for you if, your house door is open and the air-conditioning is on then the air-conditioning will automatically, adjust to the change in, the temperature through. Sensors, that sends the open door you. Will also be informed about the open door and you can choose to close it. Your. Phone alarm can talk to the smart coffee machine and update, the brewing time according, to the alarm set on the phone. Interesting. As it sounds, knowing, that so many devices, can talk to each other involves. The problem of sharing too much information which, can be exploited, if not protected, this. Is where blockchain, technology, can be used to protect the information being, shared by, devices through encryptions. This. Ensures ownership, of the devices, is protected, and everyone. On the network is aware, of who owns what. Viii. Smart. Contracts. Smart. Contracts, have, the ability of executing. Automatically. Based on the if this then that.
IFTTT, Code it can. Be extremely useful in a number of ways for. Example the music company, right now faces, a lot of problems related to piracy, many. Artists, are unable, to stop a transfer, of music, from one device to another this. Means that many people take advantage of listening to these artists, without paying for the music they created, an artist. Can use smart contracts, using, the blockchain technology, to ensure that the people who access their music pay for it they. Can set different charges, depending, on the purpose that it is being used for if. The music is used in a movie then it entails, the payment of a certain amount and if it will be used as a ringtone then, the user may pay a specific amount for using it as a, in. The same way smart, contracts. Can be created, for marriages divorce. House, sales, and anything, that involves a transaction, between two people or groups. Ninth. Health. Care. Personal. Health records, are considered, confidential and, is sensitive data which should be available only to specific people who are authorized, to access such information, health. Care companies, are beginning to explore the scope of blockchain, technology, with regards to storing, medical information, securely, the. Records, can be encrypted and stored with a private, key that allows access only to those who hold the key medical. Companies, can use this letter for research, supervision. Of drugs and to manage health care supplies even. Information, related, to surgeries, or medical procedures, can be shared with insurance, companies using, the blockchain so. That insurance claims, can be processed quickly, and easily. 10th. Governments. Governments. Can change the way they operate and bring, in a large amount of transparency, by using the blockchain technology. The. 2016. Elections, in the USA brought, a lot of criticism, and many, people consider the need for a recount in certain states votes. Can be manipulated. If hackers enter, the voting system and Reigate when. A government makes, use, of blockchain. Technology, for voting this, can be prevented, every. Vote would be encrypted and added, to the chain making it difficult for a hacker to hack into, any one block and change the votes it. Can also allow individuals, to view and confirm their votes this. Is one of the ways in which governments. Can use blockchain, technology. Dubai. Is already set to become the first blockchain. Government, where it can provide access to government source data like, to the public, companies. Can use this information for improving the quality of services, they provide families. Can look into data regarding, medical research being conducted or, overseen, by governments, and farmers. Will be able to utilize information, available. To improve the quality of farming, while. Data is released by governments, at this time as well a lot, of it is very less effective, and is unable to reach the audience from whom it is targeted. Taxes. Are another, government, aspect which is heavily criticized the, blockchain can help in reducing the process, of filling for returns or for, paying taxes, making it easier for the public to access information regarding. The payments, and returns it. Also offers, higher security than, the average method of tax filing, used at this time which is prone to hacking. Eleventh. Personal. Identity. Everyone. Around the world today worries about securing, their identity. Identity. Theft can be extremely, dangerous and it can cause a lot of harm to the victim, blockchain. Technology, helps in the equip ssin of personal, data and creation, of a protected, data point that allows a person to share data only, with those who they want to with. The highly secure technology used, in a blockchain no, one will be able to hack into the data and access, information, without authorization. An example. Of blockchain, being used for personal identity was. The introduction of a digital passport, which was launched on github, in 2014. The. Passport, was stored in the ledger and it is stored on the ledger with a Bitcoin address and a public IP this. Means that it has been validated by the blockchain users. Twelve. Inter-organizational. Data. Management, the. Increased use of Internet, has, led to the creation of huge amounts of data while. Data is good and can be used in many ways the, problem that arises among organizations is, how to ensure that this data is managed, effectively to the. Problem no longer lies, in the collection, of data but, in the secured storage of such data that, is gathered over the Internet a lot, of this data involves, personally, identifiable.
Information Which. Is very sensitive and can lead to damaged, blockchain. Helps, in a crypting, such data and allowing, access to only specific, persons when. Data like, this is shared between organizations. Knowing, that it is secure makes, it easier for people to trust the company's. 13th. Distributed. Cloud storage, at this. Time cloud, storage makes things extremely easy and allows, us to access the same data from multiple devices, but, it requires a person to play trust on the company providing, such services. Instances. Of cloud storage companies. Being hacked has also been in the news the. Companies, have complete control over your assets and they can easily access the data you have stored on their server. Blockchain. Decentralizes. This and puts, the people in control of their data not. Only does it increase the level of security, it provides to people with the freedom of storing their files without, having to depend on a cloud, storage service provider. There. Are startup, companies, which, are already exploring this idea by. Hashing, your data and having it stored in a location secure, enough like, the blockchain is the key in ensuring, security. These. Are the many ways in which blockchain, promises, more security and smoothens. The current processes, related, to transactions, by. Applying this technology, companies. And industries, will be able to connect and transact, with customers, at a new level this. Can help the economies of the world become, more transparent and also, encourage better communications. Between countries. Limitations. Of blockchain. Adopting. New technology, doesn't always happen very smoothly the. TCP, or IP protocol. For example, was, introduced, in, 1972. It. Formed, the foundations, for developing the Internet, in, its early stages TCP. Or IP wasn't. Easily understood, it, was considered, complex, and was limited to the knowledge of few people it. Was criticized, by a few and some, felt, that it may take away privacy. Over. Time the proponents, of the technology, were able to prove its abilities, and today it has altered, the global economy, with the biggest companies, in the world using. The internet for numerous transactions, a lot. Of transactions, communication. And interaction. Takes, place on the internet with the economy having been reshaped, the. Same way blockchain. Technologies, in its nascent stages, early, adopters. Believed in the power of the technology yet, it has not matured enough for, the world to make it mainstream. Blockchain. Technology, is still being understood, and its applications, being explored, by most industries, while.
Some Governments, like the government, of Dubai is beginning, to aim towards using blockchain, in the near future, many, countries want to avoid it because, of its complexity, and for the fear of using technology, that is somewhat unknown, to most people, here. Are a few ways in which blockchain, is still limited. First. It, is complex. The. Complexity, of blockchain, technology, makes it difficult for people to adopt it quickly and easily the. Idea behind it is simple, but the application, of blockchain, in a business requires, a number of changes to the manner in which the, business is conducted. Cryptography. Is not simple, this, is why the use of the blockchain may, find some hindrances. Second. It. Is in its infancy, it. Is still too early for businesses, and governments, to recognize the potential of this technology. Blockchain. Was earlier closely, linked to the darknet a news, of the Bitcoin which, uses blockchain, in the infamous, Silk Road, they. Escaped the blockchain a bad name right, when the technology was in its early years, even. Right now blockchain. Has not matured completely. For companies to adopt it startups. And creative, entrepreneurs, are beginning, to explore its potential, but it is still a long way from becoming mainstream. Third. It. Requires new expertise. The. Need for expertise, regarding the blockchain is very, important, for businesses to adopt it if, lawyers have to begin using it they, would first have to acquire knowledge about how it is used, they, will also be required to understand, the process of creating smart, contracts, and working, on the blockchain before, it can actually be used by them the. Technology is not simple and the, fact that added, expertise, is required may. Also limit the use of blockchain, at this time. Fourth. A. 51%. Attack, a. Notable. Flaw in the blockchain which can register errors, or create a problem in the future is when more than half of the computers on the network tell, a lie, then. The lie will be accepted, as the truth and everyone. Will deem it to be right. Satoshi, nakamoto talks, about this as the 55%. Attack, in the white paper which, he released in 2008. Launched in Bitcoin, this. Has not happened yet and Bitcoin. Mining pools are closely monitored, so that no one gains that amount of power or influence on the network it. Also means that if something illegal, is uploaded, on to the blockchain then, the entire chain will be considered, to be legal because the blocks are interconnected, and a single block cannot be modified, James. Smith who is the head of labs program, at the open data Institute ODI. Tested. This by adding an illegal, encryption, key for hd-dvd on the PlayStation, 2 the blockchain through. The blockchain it is now on machines on the network proving. That illegal data can make the entire chain illegal. Fifth. Blockchain. Politics, the. Blockchain has, seen a fair amount of politics, as well since, everyone does not hold to the same viewpoint sometimes. Miners, who are currently incentivized. To do their work end up, disagreeing, with each other these. Disagreements. May not be as impactful, today with lesser people using the blockchain, but it can create big problems if, the number of people on the network goes up, usually. Disagreements. This time happen, around the question of forking a blockchain, while. Some want to update the chain others. May want to continue, using the old blockchain. Sixth. High. Energy, use. Early.
Adopters Of the blockchain technology, often talk about the manner in which blockchain. Can help save resources and, reduce, energy consumption, while. Their perspective, is right and it is true that blockchain, can help in saving many resources, currently used from creating records completing. Transactions, and storing such data the truth is that blockchain, technology, does not work towards, a green environment, either it. Leaves a big carbon footprint, since it requires a lot of computing, power which, is even more than the world's fastest, 500. Computers. Understanding. The impact of this technology on the environment, may also help us realize if it is suitable, for the economy, or not. Vii. Finding. Information. Blockchain. Technology, isn't just about storing, information in, a secure way it, also involves, the process of finding information, correctly and in, a timely manner, to make, sure that users can leverage this technology reliably. The, records stored on the blockchain will, have to be quickly empty, easily accessible, to the users and it should be indexed, accurately, so that users, can find information quickly. These. Are some of the ways in which the blockchain limits, users well, there is a lot of potential behind the technology users. Have to understand, that blockchain, is still in its early stage of production and the ease of using it will increase eventually, with more companies, finding, solutions, to the limitations, above. The. Blockchain technology, was the brainchild of, Satoshi, Nakamoto, it, was introduced, in 2008. And since, has grown considerably. People. Have become more aware of the users of the blockchain and, more, people have started using it too when. Bitcoin first, came into use its, acceptance, was high in the darknet and low, among the common people even. Till this day, there aren't enough companies. Around the world that support Bitcoin which makes the technology behind it less popular, since. It was earlier related, with the darknet, blockchain. Technology, started, off with a bad name fewer. People wanted, to dabble in it and even, fewer realize its actual potential. Eventually. Bitcoin, gained more relevance, and more, cryptocurrencies, saw, the light of the day, companies. Are now beginning to realize how, disruptive this, technology, can be and how important, it is for them to utilize, this technology effectively. Blockchain. Is starting to see more uses, and its advantages, are being realized by governments, to. Investing. In cryptocurrencies, is becoming, more common than before and many countries are gauging their response to such changes a blockchain. Has, its advantages, and its limitations, to likely. Most technology, it can, be used for good and for, bad finding. The best way to profess technology, to use and ensuring, that it can help companies, earn better profits, and conduct, businesses, more effectively, is currently, being explored, by covenants. Blockchain. Technology, will soon be transforming. The economy and encouraging. The creation of new business muscles which leverage this technology, this. Is already natural, with companies, exploring, ways in which the technology can be used, startups. Are also looking for ways in which blockchain, technology, can be used with. Higher security, and lower transaction costs, blockchain. Technology, can be the future of businesses.