Blockchain Business Model Innovation
Blockchain is a collection of immutable data records managed by a distributed network of computers that are not affiliated with any person, organization, or government. Each one of these blocks is encrypted and connected by the cryptographic chain. As a result, the name “block + chain” was coined. As a result, the blockchain is a completely automated and safe method of transmitting data. A block is created by a component of a transaction to begin the process. Thousands, if not millions, of computers dispersed around the network, verify this block. The validated block is then linked to a chain and kept on the network, establishing a unique record with a unique history. To fabricate a single record, the entire chain would have to be falsified millions of times.
This is almost unthinkable. All the information is available for no cost. Because there is no one in charge of the block. This technology has the potential to replace all business procedures and models that rely on a single charge for any trade between two or more parties. The three pillars of blockchain are as follows:
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