Blockchain is a technology
Blockchain is a distributed decentralized database with no storage devices connected to a common server. This database stores an ever-growing list of ordered records called blocks. Each block contains information about the time and the previous block. When carrying out operations using this technology, each transaction is recorded in the system as a new link in the chain, which automatically receives and contains digital information about the entire chain as a whole.
To use an analogy, the blockchain can be compared to a DNA molecule containing information about all living things in the body. Due to this, unauthorized data change is impossible - the system will reject the operation, as the body rejects foreign cells and tissues.
The main opportunities provided by the blockchain:
1. Highest data protection, practical impossibility of falsification and unauthorized access to data
2. A significant reduction in transaction costs, which in the near future will fundamentally revolutionize entire sectors of the economy.
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Blockchain technology reduces costs for:
FINANCIAL OPERATIONS
Blockchain significantly reduces the cost of keeping records of transactions and allows transactions without intermediaries. Since there is no central authority on the blockchain, any participant in the system can verify the authenticity of a transaction.
CROWDFANDING CAMPAIGNS (ICO)
Thanks to the emergence of blockchain technology, it became possible to collect investments in projects through the release of special analogues of securities - tokens placed through ICO.
DATA STORAGE
A decentralized blockchain-based database protects data from hacking and tampering.
USER IDENTIFICATION
Blockchain-based digital identity provides effective personal data management tools. The owner of the data will be able to determine who will have access to them.
CONCLUSION AND PERFORMANCE OF CONTRACTS
"Smart contracts" allow you to regulate and control the fulfillment of obligations under the contract.
REGISTRATION AND VERIFICATION OF THE AUTHENTICITY OF DOCUMENTS
All blockchain data is open to everyone and always. They are easy to check, it is easy to track any change in information. Blockchain completely eliminates the need for a third trustee.
SUPPLY CHAINS
The blockchain allows you to track the production process of a product for its compliance with the declared standards. Technology provides an easy way to confirm that the history of an item (product labeling, date and place of production) is true.
INTELLECTUAL PROPERTY PROTECTION
Business applications based on blockchain technology allow you to control copyright compliance
MANAGEMENT OF ENTERPRISES
For a group of companies, each of which has its own database, the blockchain allows you to close the signing of all payment documents of the holding.
MAINTENANCE OF VARIOUS REGISTERS
Blockchain is a reliable way of storing data about deals, contracts, transactions, everything that needs to be recorded and verified
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