Explosion Of Blockchain

Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. The data is chronologically consistent because you cannot delete or modify the chain without consensus from the network. As a result, you can use blockchain technology to create an unalterable or immutable ledger for tracking orders, payments, accounts, and other transactions.

Traditional database technologies present several challenges for recording financial transactions. Individually, both the buyer and the seller can record the monetary transactions, but neither source can be trusted. Blockchain mitigates such issues by creating a decentralized, tamper-proof system to record transactions.

In the property transaction scenario, blockchain creates one ledger each for the buyer and the seller. All transactions must be approved by both parties and are automatically updated in both of their ledgers in real time. These properties of blockchain technology have led to its use in various sectors, including the creation of digital currency like Bitcoin.

We describe some use cases in different industries in the following subsections: Energy Energy companies use blockchain technology to create peer-to-peer energy trading platforms and streamline access to renewable energy. For example, consider these uses: Blockchain-based energy…