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What is blockchain technology and its application?
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Might you have heard a lot about blockchain technology? But have you ever wandered or explored what it is and what are its applications? We intend to explore the whole concept below. Keep reading!

Blockchain Technology is referred to as a decentralized and distributed ledger that records the digital assets. Another name of blockchain technology is distributed to Ledger Technology. The processes it involves - decentralization and crypto hashing – turn the history of digital assets as unalterable. To understand the blockchain technology, a concept might help. You may have used Google Doc. When we formulate a document and share it with people, it is transferred rather than being copied. Everyone – to whom it was sent – is free to make desired amendments in it. All these amendments are recorded by all parties, and thus, this becomes transparent — a few precise points for clear understanding.

·     Digital assets are transferred to people rather than copies.
·     The decentralization of assets makes them accessible by concerned parties without constraints.
·     The transparent records prove the integrity of assets.
·     All the risks and frauds stand no chance in blockchain technology.

Now the question arises as to how this blockchain technology is distinct from conventional methods? The simple answer to that question is that it works in three tiers; decentralization, transparency, and immutability.
The centralized system means that your data or the money is stored in one place, which makes it vulnerable in several ways. The example of centralization is banks. Blockchain technology is a decentralized system. Every person linked with the network owns the data. In such a system, you own the money without any third party like banks.

Transparency is the core feature of blockchain technology. The person who is doing transactions will be given a unique address. For example, it will not be like “John made a transaction.” Rather the person’s name will be a combination of different words and numbers – known only by the owner of the money.
Immutability makes it an impenetrable system. Once something is added to the blockchain, no one can tamper it. The immutability feature distinguishes blockchain from traditional systems, which often fell prey to tampering.

Blockchain Applications
Blockchain, since it emerged, has had an ever-widening scope in terms of applications. Here we explain the top ones.

Financial Services: Blockchain has changed the concept of financial services. Several institutions are now looking for their own private blockchains.

Government-citizen relations: The decentralized feature of blockchain technology has initiated an optimized business process that incorporates transparency.

Identity: Security of identity had become a pressing issue since the world connected for transactions. Blockchain technology has been providing secure identities to people linked with the network.

Virtual Market on the internet: The blockchain technology is already being used in the virtual market, which is expected to cross 1$ Trillion in coming years. The potential of blockchain technology will be harnessed more in the virtual market.

The Money: The blockchain technology has changed the way of the usage of money. Without any third party, people can make flexible transactions from anywhere.
 
The blockchain technology has changed the conventional systems and obsoleted the centralized systems. Its application is being made in almost all financial sectors of the modern economy. 
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