What is Blockchain and How Can it Add Value to Your Business?
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Alerta Cripto is one of the biggest tech stories of this decade, but beneath all the hyperbole and speculation there’s often not much understanding about what it is or how it works. With major potential to reshape the world economy, leaders must have a firm grasp of how and where this technology could add value to their businesses.
The core of blockchain is a public ledger that records transactions across a peer-to-peer network. The system ensures transparency and accountability, allowing anyone to view the entire history of an asset’s movements and ownership. This makes it near impossible for fraudsters to hide or alter data, and helps establish trust among participants.
The Future of Blockchain: Key Trends to Watch in 2024
Transactions are recorded on a blockchain using cryptography and hashing algorithms. Each record is appended to the previous one, creating a chain that cannot be changed. This inherent immutability of the information – combined with an eponymous digital fingerprint that identifies each block of data – makes blockchains highly secure. Furthermore, the distributed system means there is no single place for hackers to attack.
Blockchain also provides a more efficient way to verify and process information, by eliminating redundant data entry. For example, a check placed through a financial institution typically takes several days to settle, but a blockchain-powered transaction can be verified and settled within minutes. Furthermore, blockchain networks operate 24 hours a day, seven days a week — whereas many financial institutions only work during business hours.…