Published by: Albert Gibosse – Blue Label Weekly Magazine [ www.bluelabelweeklymagazine.com ]
Blockchain is a decentralized and distributed public ledger that is stored and distributed across networks and among participants that are expected to come into consensus on the authenticity of the transactions, without the need for a central authority to authenticate the transaction. It is used to record transactions across computer. Transaction records on a blockchain cannot be altered ex post facto without changing all the blocks and the collusion of the network. Databases associated with Blockchains are managed autonomously using peer-to-peer networks and distributed timestamping servers.
Through consensus algorithms, every participant can see the data and either verify or reject it. Approved transactions are entered into the ledger as a collection of blocks and stored in a chronological chain that cannot be altered.
A distributed Ledger is a database of transactions that is shared and synchronized among distributed computers and locations, without centralized authority or control. Each party holds an identical copy of the record, which is automatically updated as soon as any additions are made.
Keeping Data temper-proof
Cryptography protects the identity of users and ensure all transactions are safely done with secured near-real time updates and details, keeping all transactions temper-proof.
BENEFITS and Cost Effectiveness
Blockchain speeds up transactions by removing the need for a central authority. Likewise, it can lead to a leaner, more efficient, and more profitable processes. Blockchain minimizes and eliminates the risks involved in the counterparty risks.
Reduced reliance on some types of third-party intermediaries.
As the entire database is accessible to all parties, its encryptic nature along with the fact that no single party can control the information, makes hacking nearly impossible.
Transparency and Traceability
With information being viewable by all participants and that cannot be altered, that creates trust, reduces risks and fraud.
Track position and when items change hands with near-real time detailed updates.
Digital Records and data immutability
Data Storing, including video, audio or text, organization, titles, assets, rights or text that can be represented digitally without being vulnerable to any manipulation. Its strength lies in its security as the blocks are linked by a hash function – a cryptographic that insulates the set up from alteration.
With no internal database, blockchain is one of the most secured and accurate ways of maintaining records of transparency at the core.
Automatically triggers actions and events and payments once conditions are met.
Eradication of copyrights tampering and infringement
Copy Rights and and Intellectual Property
With digital publishing having reached an unsurpassed level of prominence as well as royalty payments being jeopardized by piracy.
Unfair Distribution of Dividend
Smart Contracts is a mise en garde to intermediaries and make the monetary chain transparent and justified, establishing a reputation system.
Tokenization of Assets
Assets on the blockchain will be tokenized to enable people to buy and sell them, most likely, using digital currency or cryptocurrency.
Content Creators Empowerment
As a barrier-less communication system and the absence of intermediary costs, blockchain is empowering content creators( artists, authors, and beyond ) by establishing a direct relationship between content creators and consumers.
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