Blockchain technology supports the cryptocurrency transactions and makes it more secure. It protects the transactions and electronic media records. In
Blockchain technology supports the cryptocurrency transactions and makes it more secure. It protects the transactions and electronic media records. In the Blockchain Webinar, presented by the IEEE internet initiative, they offered an overview of this technology and focused on the usages of this technology. Their main focus on the variety of the uses as the technology offers more security and protects the essential information from being altered and stolen. It is more important in the current conditions as many people do the online transaction and use mobile and smartphones for this purpose.
The webinar had the presentations of the chair of IEEE Blockchain special interest group and IEEE senior member, Greg Adamson and the Blockchain consultant and the founding contributor of Ethereum, Jonathan Mohan.
Why does Blockchain matter?
As said by Mohan in the Webinar, 2.2 billion people all over the world do not use physical bank services for the transaction. They can use Blockchain technology to take control of their finance by their smartphones. They can use this technology for any type of the money transaction with the use of the cryptocurrency.
The process will be more secure and safe. The Blockchain will offer secure transaction since it has a decentralized database that uses records, linked to one another as a chain. Even if the hackers will try to hack it they will have to go through the chain of the records that will be difficult or almost impossible to follow. This will be every effective for the wills, medical bills, and other important documents that should not be changed without the permission of the possessor.
It will be more transparent and secure, said by Adamson. This is a new technology. The viewers might need time to understand the system perfectly. The industries and organizations need to know what exactly it is and how it can help to protect their personal their information and documents. Once they will be able to understand it, they will trust this technology and will prefer to use it in their businesses.