Block chain impact on our daily interactions and exchanges

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Block chain impact on our daily interactions and exchanges

Block chain impact

Today, trust is the basis of many of our daily interactions and exchanges. We put the money in a bank trusting that it is safer there. We give information to each other on the understanding that they will not share it with another person without prior permission. So we also rely heavily on pieces of paper: paper money, land records, transaction information, etc. But these pieces of paper can easily be stolen, counterfeit, or alter. Today, as we move towards  block chain impact information computing, it is still easy for data to be hack and leak.info technology hub

Block chain impact of data distributed

Block chain impact is a series of records or data distribute over a computer network, So that no central computer or database contains the information, and instead each computer contains the data, making it a completely transparent system. The reason why the block chain impact is so impressive is its inability to hack. A timestamp is assign to each exchange, transaction. Because record enter into the database and verify by a large group of trust computers before being place as a block chain impact in a series of other various exchanges, transactions or records. Once enter, the “block” of information cannot be change or remove because that would mean changing or removing the string from all computers at once, which is nearly impossible.

Block chain impact

Block chain impact

 Block chain impact solve many problems

The social impact that block chain technology can have is enormous.  So can be implement to solve many problems facing the world today in a variety of fields. In most developing countries, agriculture contributes a large portion of their GDP; However, many farmers suffer from lack of money, lack of land and lack of various resources need for farming. Even if the farmer owns a large plot of land, it is often incorrectly register Title deeds also tend to be prone to fraud. As well as being expensive and time-consuming to manage. Block chain impact can be implement to digitize the land and farmers will no longer have to fear someone hacking the database and committing land ownership fraud because all kinds of record keeping will be more efficient.

Block chain impact to trace the title chain

The technology will not only tell you who the current owner of the land is, but it can also tell you who the previous owner of the land was, making it very easy to trace the title chain. Block chain impact can update records of what part of the land belongs to anyone and how much of that land was produce, allowing farmers to get the right amount of money need.

Block chain impact to the healthcare sector

Among many other areas, block chain impact technology can contribute to the healthcare sector. Maintaining public health records is an ongoing problem in many countries due to the inaccessibility of doctors and patients. By creating a decentralized “ledger” of medical data. We can eliminate the paper trail in healthcare and make patient medical records easily and efficiently available to patients and physicians. It also remove the fear of losing medical records. This change is not only convenient, but necessary as physician and patient confidentiality increases in importance.

Block chain impact used in finance

Currently, the block chain impact is mainly use in finance. Block chain impact can accurately record transfers between people, and because each transfer has little or no cost. It could potentially disrupt the money-making financial institutions today by charging fees for every transaction or transfer made. This creates what is call a peer-to-peer network, where no third party is require for a transaction to occur.

 

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