{"id":2548,"date":"2018-10-25T08:33:41","date_gmt":"2018-10-25T07:33:41","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=2548"},"modified":"2019-09-09T13:57:33","modified_gmt":"2019-09-09T12:57:33","slug":"blockchain-technology","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain-technology\/","title":{"rendered":"Blockchain Technology &#8211; Is There Future For It"},"content":{"rendered":"<p style=\"text-align: right;\"><i><span style=\"font-weight: 400;\">2 min read<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2549\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/what-is-blockchain-technology-e1540452391572.jpg\" alt=\"What is Blockchain Technology?\" width=\"700\" height=\"345\" \/><\/p>\n<p>Blockchain technology provides transactions and transfers online without the use of an intermediary.<span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Blockchain is a new name in the world of technologies but it is definitely the one to last. Even in the early stages, the technology has gained huge popularity starting with their very first application of cryptocurrencies. More areas of applications are being discovered and tested with each passing day. Once the technology is adopted and accepted on a global level, it\u2019ll transform the way we live today.<\/span><\/p>\n<p>Blockchain technology simply means a decentralized trusty<a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\"> network<\/a>. It works by having a native asset, a decentralized ledger and some algorithms based around a game theory model. It allows everyone on the network to reach consensus.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain-technology\/#Let_me_try_to_explain_what_blockchain_technology_is\" >Let me try to explain what blockchain technology is\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain-technology\/#Efficiency_and_effectiveness\" >Efficiency and effectiveness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain-technology\/#What_Blockchain_technology_requires\" >What Blockchain technology requires<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain-technology\/#Comparisons\" >Comparisons<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain-technology\/#The_short_version_of_it\" >The short version of it:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain-technology\/#Bottom_line\" >Bottom line<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain-technology\/#Theres_a_wide_variety_of_blockchain_technology-based_services_on_the_market\" >There\u2019s a wide variety of blockchain technology-based services on the market.<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Let_me_try_to_explain_what_blockchain_technology_is\"><\/span><b>Let me try to explain what blockchain technology is\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient\u00a0and ask them to make revisions to it. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes. This because you are locked out of editing it until the other person is done with it.\u00a0That\u2019s how databases work today. Two owners can\u2019t be messing with the same record at once. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s how banks maintain money balances and transfers. They briefly lock access (or decrease the balance) while they make a transfer. Then update the other side, then re-open access (or update again). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">With Google Docs (or Google Sheets), both parties have access to the same document at the same time. And the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Efficiency_and_effectiveness\"><\/span><strong>Efficiency and effectiveness<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Imagine the number of legal documents that you can use that way. Instead of passing them to each other, losing track of versions. And also not being in sync with the other version. So, why can\u2019t *all* business documents become shared instead of transferred back and forth? So many types of legal contracts would be ideal for that kind of workflow. <\/span><\/p>\n<blockquote><p><strong>You don\u2019t need a blockchain technology to share documents, but the shared documents analogy is a powerful example.<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Far from a short-term trend, blockchain technology is revolutionary. It is a new approach to transactions that major companies are beginning to implement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a market saturated with new and innovative business strategies, it can be difficult to decide which to adopt. On one side you don\u2019t want to fall behind when it comes to the latest technology. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other, you don\u2019t want to waste your money on a \u201ccutting-edge\u201d fluke. If you\u2019re looking for a new, efficient way to carry out transactions, blockchain is a technology that your company might find helpful.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2550 aligncenter\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/what-is-blockchain-technology-2-e1540452488898.jpeg\" alt=\"What is Blockchain Technology? 1\" width=\"700\" height=\"272\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_Blockchain_technology_requires\"><\/span><b>What Blockchain technology requires<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">You might ask why blockchain technology seems so cryptic. The challenge is that it used to be almost exclusively connected to tech circles.\u00a0 And was not widely used by the general public and non-tech businesses. This history is part of why it seems so mysterious today.\u00a0 Because it\u2019s relatively new to most of us, and the way it works can be difficult to explain without going into confusing and complex concepts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Blockchain technology was originally developed for bitcoin, the base of other cryptocurrencies. But the blocks in a blockchain might contain information about identity, dates, or most anything.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Marc Andreessen from VC firm Andreessen Horowitz and American entrepreneur, investor, and software engineer called Bitcoin and the underlying blockchain technology a \u201cbreakthrough in computer science\u201d.<\/span><\/p>\n<blockquote><p><strong>&#8220;The practical consequence (\u2026is\u2026) for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.&#8221;<\/strong><\/p><\/blockquote>\n<h4><span class=\"ez-toc-section\" id=\"Comparisons\"><\/span><strong>Comparisons<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">In a 2014 New York Times op-ed, Marc Andreessen, likened Bitcoin to personal computers and the Internet in their early days. Each of which depended on the high expectations of their success to make them actually successful.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis is the classic \u2018chicken and egg\u2019 problem with new technology: new technology is not worth much until it\u2019s worth a lot,\u201d he wrote about blockchain technology.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By allowing <a href=\"https:\/\/traders-paradise.com\">digital<\/a> information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. It is originally developed for the digital currency, Bitcoin. But the tech community is now finding other potential uses for the technology.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_short_version_of_it\"><\/span><b><i>The short version of it<\/i><\/b><span style=\"font-weight: 400;\">: <\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Blockchain technology provides a way to make transactions and transfers online without the use of an intermediary. Instead of trusting a third party to keep the transaction history safe and accurate, blockchain technology lets you seal \u201cpages\u201d of transactions with a key code for security.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With blockchain technology, many people can write entries into a record of information. And a community of users can control how the record of information is amended and updated. Likewise, Wikipedia entries are not the product of a single publisher. No one person controls the information.<\/span><\/p>\n<p>But a feature that Wikipedia does not share with the classical blockchain is encryption. Because ownership and anonymity is an important feature of blockchain technology. Encryption of information is necessary so that no one can steal data or duplicate them.<\/p>\n<p><span style=\"font-weight: 400;\">Individuals and businesses use blockchain technology for a variety of reasons. Though some \u201cshady businesses\u201d might use blockchain technology to avoid leaving a paper trail, it\u2019s more often employed to gain improved assurance and privacy. It also allows users to exchange money without the backing of physical currency. This is one of the qualities that has made Bitcoin famous and makes it sometimes controversial.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2544 aligncenter\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/how-to-make-money-with-blockchain-technology-3-e1540391489334.png\" alt=\"How To Make Money With Blockchain Technology? 2\" width=\"700\" height=\"277\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bottom_line\"><\/span><b>Bottom line<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Theres_a_wide_variety_of_blockchain_technology-based_services_on_the_market\"><\/span><span style=\"font-weight: 400;\">There\u2019s a wide variety of blockchain technology-based services on the market.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">One of the most relevant reasons that many companies are adopting blockchain technology is efficiency. We can all realize how exchanges can become quicker. And simpler too, when they don\u2019t have to go through a third party. It\u2019s also beginning to move document authentication toward obsolescence, removing a step in the transactional process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Blockchain technology can also make companies feel like their information is safer and more secure. In an age where hacking banks cannot always resist off attempts to attack people\u2019s <a href=\"https:\/\/traders-paradise.com\">financial<\/a> privacy. Therefore, blockchain technology is a way to feel a greater sense of control over transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Major companies are adopting blockchain technology because they don\u2019t want to miss out on what could become. And it is already extremely popular and efficiently.<\/span><\/p>\n<blockquote><p><b>\u201cIn the mid-to-late 2000\u2019s, big companies missed the social media train,\u201d marketing and business strategist Clay Hebert said. \u201cThey couldn\u2019t see how Twitter or Facebook would immediately impact their business, so they were slow to adopt these technologies. They don\u2019t want to play catch-up again.\u201d<\/b><\/p><\/blockquote>\n<p><a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/money-risk-trading\"><b>Risk Disclosure (read carefully!)<\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2 min read Blockchain technology provides transactions and transfers online without the use of an intermediary. The Blockchain is a new name in the world of technologies but it is definitely the one to last. Even in the early stages, the technology has gained huge popularity starting with their very first application of cryptocurrencies. More [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1004,1011],"tags":[75,590,104],"class_list":["post-2548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-financial-news","category-hi-tech-news","tag-bitcoin","tag-blockchain-technology","tag-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockchain Technology - Is There Future For It - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Blockchain technology provides a way to make transactions and transfers online without the use of an intermediary. 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