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What is Blockchain Technology

Blockchain technology emerged as a real-world technology option between 2016 and 2017, intending to revolutionize the information & technology domain, just like open-source software.

Blockchain technology is a distributed ledger technology (DLT) that consents data for storing on millions of servers and allows everyone in the network to check all the entries in real-time.

It is also a list of records known as blocks, which are interconnected through cryptography. The blockchain blocks comprise a cryptographic hash of the previous block, the transaction data, and a timestamp.

Without a doubt, blockchain technology is the buzzword these days. The prime reason behind such growth and popularity is Bitcoin's evolution, where blockchain technology is the backbone of this digital currency.

For businesses across the globe, blockchain showcases a lot of potential because of its transparency and adeptness for creating a secure and real-time communication environment.

Blockchain technology is the most advanced technology of the decade and one of the most crucial financial market elements. The technology already marked its presence in the verticals like insurance, retail, healthcare, Automobiles, Banking & Finance. Moreover, blockchain is used as a distributed ledger for cryptocurrencies and displays immense promise in many applications.

Blockchain Technology assignment

Types of Blockchain Discussed in our Blockchain technology Assignment help

Public Blockchain

In this type of blockchain, anybody can get involved as a user, miner, or developer. The transactions in the public blockchain are completely transparent, unlike the private blockchain, decentralized with zero controlling figures.

Private Blockchain

A private blockchain is also known as a permissioned blockchain, where you need prior consent for joining the networks. The transactions related to private blockchains are completely private and accessible to the participants only. Last but not least private blockchain is much more centralized than a public blockchain.

Benefits of Blockchain Technology

Secure & Trustworthy System

Blockchain technology doesn't entertain any unauthorized intervention and helps users create and verify transactions without third parties involved.

Thanks to the encryption and decryption techniques, Blockchain technology secures data and information in an environment which is beyond hackers and illicit minds.

Moreover, the technology also shows immense trustworthiness as historical data alteration is quite a complex affair that requires larger resources and technologies.

Transparency

Apart from securing the transaction process, blockchain technology also maintains transparency based on its distributed ledger technology. It allows the users complete access and control over all the transaction-related information. The slightest change in the public blockchain is also within reach of all.

The technology employs a single general ledger for verifying all the transactions; hence there is a minimal chance of complications like multi-general ledgers.

Intuitive Transactions

Are you annoyed with the waiting time during online transactions? Bid adieu to those irritating times by embracing blockchain technology. It can minimize the transaction time to a few minutes and is available round the clock instead of fixed official hours.

Nominal Transaction Costs

As we already discussed, blockchain technology eliminates third parties' engagement, so it also reduces the overhead cost for assets.

Unalterable Transactions

Blockchain technology records the transactions in chronological order so that when a new block is introduced to the chain of ledgers, it becomes difficult to make modifications.

Security

based on the advanced cryptography features, blockchain safeguards the information inside the chain itself. Moreover, the distributed ledger technology offers a copy of the original chain to every participant so that the system doesn't get affected in case of a fall.

Blockchain assignment services

Sample Assignment Handled by Our Experts on Blockchain technology Assignment help

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The Assignment requires the students to explain the relationship between accounting theory, accounting conceptual framework and accounting standards. It is a critical analysis of how the changes in technology impact accounting and how professionals especially accountants perform their jobs.

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