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Home / Blog / What is Blockchain Technology? A Step-by-Step Startup Guide For Beginners

What is Blockchain Technology? A Step-by-Step Startup Guide For Beginners

What is Blockchain Technology? A Step-by-Step Startup Guide For Beginners

The blockchain is an ingenious invention and it is changing the way of business process and most of the businesses are just getting started with blockchain technology. If you’re looking to learn about blockchain technology, Blockchain development and how to turn your industry into blockchain technology, then you’re in the right place.

Blockchain has rapidly grown from an esoteric technology to the forefront of R&D for major financial institutions, governments, universities and multinational corporations.

This guide is designed for product managers, founders, entrepreneurs, innovators, and developers looking to learn how blockchain development works, how to incorporate blockchain into their businesses and what’s needed to start a blockchain project right now.

So, what is blockchain?

The Blockchain technology is a digitally distributed ledger system that means that the storage devices for the database are not all connected to a common processor. Blockchain simply refers to a type of Decentralized, massive, transparent and immutable database. it allows untrusted parties to reach consensus and transact without the need of a centralized intermediary.

Why blockchain technology is important?

We are all now used the decentralized online platform (internet) to sharing the information. But when it comes to transferring value of money, we are usually forced to fall back on old-fashioned, centralized financial establishments like banks. Right ?

Blockchain offers the possibilities to reduce the middleman intervention. So Blockchain is powerfully more secure than traditional databases and it removes middlemen like banks, governments from the safety equation

Blockchain technology produces some powerful benefits:

1. Decentralization by removing single points of failure

2. Trust through mass consensus

3. Transparency with public transactions

4. Security through immutability

Here 16 major industry that are started with blockchain technology 

The blockchain is a powerful disruptor across some of the world’s major business industries. Here are some of our examples:

1. Banking and Payments: Banks are used the blockchain technology to make their business operations faster, more efficient and secure.

2. Cyber Security: We have already seen a number of companies using blockchain to ensure the security of financial transactions, for instance, and to protecting customers data.

3. Supply Chain Management: Blockchain can greatly help to reduce time delay and human mistakes in transactions and it can be documented in a permanent decentralized record and monitored securely and transparently.

4. Insurance: The blockchain is a new way of managing trust and can be used to verify many types of data in insurance contracts, such as the insured person’s identity

5. Private Transport and Ride Sharing: The blockchain technology is used to create decentralized versions of peer-to-peer ridesharing apps, allowing both drivers and users to arrange terms and conditions in a secure way without third-party providers.

6.Cloud Storage: By using blockchain technology, cloud storage to be more secure and robust against attacks.

7. Charity: Blockchain technology allows to track donations can let you be sure your money is going to end up in the right hands.

8.Voting: Blockchain technology is used to ensure voter registration and identity verification, and electronic vote counting to ensure that only legitimate votes are counted, and no votes are changed or removed

9. Government: Using the blockchain technology Government can significantly reduce bureaucracy and increase security, efficiency, and transparency of government operations.

10. Public Benefits: Blockchain technology can help assess, verify, and distribute welfare or unemployment benefits in a much more streamlined and secure way.

11. Healthcare: Blockchain technology can allow hospitals to safely store data like medical records and share it with authorized professionals or patients.

12. Retail: By using Decentralized blockchain-based retail retail shops can connect buyers and sellers without a middleman and associated fees.

13. Real Estate: Using blockchain in real-estate it can help with tracking, verifying ownership, ensuring the accuracy of documents, and transferring property deeds

14. Crowdfunding: Blockchain technology can create the trust between project creators and supporters. In blockchain-based crowdfunding, trust is created through smart contracts and online reputation systems to removes the need for a middle-man.

15. Cryptocurrency Exchange: Blockchain is helping to reduce conventional cybersecurity risk is by simply removing the need of human intermediaries.  It protects your cryptocurrency exchange website from hacking, corruption, or human error.

16. E-learning: Blockchain offers the possibility of decentralized education platforms maintained by consensus rather than a central authority. It makes a truly peer-to-peer learning experience possible.

How To Hire good Blockchain Developers?

Do you want to hire good blockchain developers for your project? Finding the best blockchain development company? Great!

Numerous Blockchain developers are out there, but it is not easiest to find best one.

<<< Get a Simple guide about How to choose the right Blockchain developers for your project? >>>

 

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