What is blockchain technology ?
Blockchain technology is a database mechanism by which it is permissible to organize an open exchange of information within a business network.The database contains data in blocks linked in a chain. The data goes in order. The system prohibits illegal transaction entry.
Blockchain Technology and their privileges
What are blockchain technology for ? Standard technologies create quite a lot of problems taking into account financial situations. It can be considered on a simpler example. When a deal occurs, due to the actions of the blockchain, a list is created. Which is shared with the buyer and seller. Either party may not be in good faith. The buyer, after receiving the goods, can say that this is not the case. Also, the seller, having received the payment, can say that he did not receive it.
To avoid such a situation, the company or one specially trained person should control the situation. This way the deal will be more secure. And in cases of violation, both the buyer and the seller will suffer. Blockchain technology play the role of such a company. So one of the main tasks of the blockchain is security. Therefore when a deal occurs, the blockchain creates a common list for both the buyer and the seller. All money transfers will be accepted by both the buyer and the seller. End recorded in the list. In cases of deviations from the rules of one of the parties, this will immediately appear in the registry.
Using the technology
Blockchain technology plays an important role in creating peer-to-peer platforms for energy trading. And also to facilitate access to renewable energy sources.
Banks and all other financial systems use blockchain to manage payments. Thanks to the blockchain, such companies conduct more efficient interbank settlements.
Companies that are created for entertainment also use blockchain. For example, to protect copyrights. Copyrights are of great importance. They play a major role in the determination of the award.
Blockchain and its varieties
Absolutely do not require permissions. Anyone can join him. All participants should receive the same authority to use the blockchain.
Such a blockchain technology is controlled. Therefore a trusted company will determine who can be a participant and who can’t. And what rights he will have. Not everyone has access. Because not everyone will be entitled to it.
It contains a mixture of closed and accessible blockchain. Thus, companies can control the blockchain. But at the same time have accessible access to the data.