When We talk about the Block chain Technology we have so many options. However some of the Best block chain technology on the market include Bitcoin, Ethereum and Ripple.
Bitcoin is the first and most popular Blockchain technology. bitcoin was created in 2009.bitcoin is still the largest and most famous block chain network. Bitcoin allows users to make safe digital transactions without the need for a third party.
Ethereum is a second generation Block chain technology that allows users to create and observe smart contracts. These contracts are self applied and can automatically observe when some conditions are met. This makes ethereum a powerful tool for businesses and organizations.
Ripple is a third generation block chain technology that focuses on supplying fast and secure transactions. Ripple is different from other block chains in that it does not use a public account. This makes ripple a more centralized option for businesses.
Blockchain Technology early stages of development
Blockchain technology is still in its early stages of development but it has the potential to revolutionize the way the world does business.
The blockchain is a distributed database that allows for secure, transparent and tamper proof transactions. Transactions are confirmed and recorded by a network of nodes which are essentially volunteers who run the blockchain software. Transactions are grouped into blocks and added to the blockchain in a linear chronological order. Each block is time stamped and encoded with a cryptographic hash of the previous Block creating a chain of blocks (hence the name “blockchain”).
The blockchain can be used for a variety of applications including but not limited to:
-Crowdfunding
-Supply chain management
-Voting
-Asset tracking
-Data authentication
Conclusion
Blockchain technology is still in its soon phases and there are many companies who are looking to capitalize on the publicity.As the technology continues to develop it will be interesting to see which implementations succeed and which ones fade away.
Eugenia Kyriakos, a tech enthusiast and content writer based in the United States, currently calling San Francisco my home. With a passion for unraveling the wonders of technology, my journey as a content creator began from a love for storytelling and a fascination with the dynamic tech landscape.
