What is Block chain?
Block chain and Bitcoin
This is the technological invention of Bitcoin. A bitcoin is not regulated by a central authority. Instead the users dictate and validate transaction when one person pays another for good services. It eliminates the need for any third party. The completed transactions are recorded in the blocks and then into the block chain. A new block is attached to block chain within every 10 minutes.
Based on the Bitcoin protocol the block chain is shared by all nodes participating in the system. Upon joining the network each and every device receives the copy of a blockchain. This copy is the proof of all sorts of transactions. It contains the fact like how much amount belonged to a particular person.
Utility in tech companies:
As it does not require any middleman the tech start ups are adopting block chain technology more and more. Among the start ups the leveraging block chain technology for IOT devices is 21 Inc.
Advantages of Block chain
• It is much cheaper to maintain than traditional accounting system.
• A fully automated DLT system causes lesser amount of mistakes and eliminates the repititive confirmation steps.
• The processing is much faster
• Customers can use the wallet of their own choice.
• The customer's privacy remains intact