A Beginner’s Guide To Understanding Blockchain

Blockchain today has become one of the most popular skills in the tech industry. The demand for blockchain professionals is growing by the day and people, young and old alike are taking keen interest in understanding what exactly blockchain is.

What is Blockchain?

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
In today’s age of industrialisation, one of the evolving technologies is the blockchain technology. 

Bitcoin was one of the first blockchain technologies that seeked a lot of attention in the modern world. This resulted in more and more companies putting effort in building a successful centralized network. Many blockchains perform tasks for solving the problem of scalability in such a technology. 

Blockchain Myths

Now that you have some knowledge about what blockchain technology is about, let’s bust some myths we have heard about the same.

  1. Blockchain is a product

Reality: Blockchain is not a product you can buy. The utility in the blockchain is because of the various applications you can build on top of it. 

  1. Blockchain is just about Bitcoin

Reality: Bitcoin is the first application of blockchain and that’s about it. Blockchain is NOT all about bitcoins. BTC is simply a cryptocurrency based on blockchain where bitcoin is a digital token and blockchain is the ledger.

  1. Blockchain is Necessary Even if There is No Business Network

Reality: If a business network doesn’t exist, you don’t need to implement blockchain technology. 

Uses Of Blockchain

Due to its unique nature, almost every industry can benefit from integrating it into its daily operations. Blockchain, if used correctly can be helpful in so many scenarios and hence has multiple use cases. We have listed a few of them below.

  1. Voting 

Blockchains are highly secure and safe for storing data as making changes in this data is quite challenging. To prevent voting fraud, governments can use blockchain technology for issuing voter IDs and recording votes.

  1.  Robotics and IoT

Through blockchain, you can create a decentralized network of drones and robots. It ensures that the failure of one drone wouldn’t affect the rest of the network. 

  1.  Cryptocurrencies (Bitcoin, Ethereum, etc.)

This is definitely one of the most popular uses of blockchains. Bitcoin, the most popular cryptocurrency right now, was the first application of blockchain and it offers many advantages to its users. Cryptocurrencies allow businesses to conduct transactions safely and more efficiently.

SOURCE: https://www.upgrad.com/blog/blockchain-technology/

About Payscript 

Payscript is a payment orchestration platform that simplifies digital payment acceptance and crypto spending, breaking down barriers to widespread crypto adoption.

What can one do with Payscript?

We have created simple and easy to use software for Digital Wallets, Digital Currency Exchange, Point of Sale transactions and Crypto Payment Gateway Widgets that empower merchants to start accepting crypto payments via multiple channels. Our powerful API’s allow for the complete solution featureset to be integrated natively in existing mobile/web applications and platforms. 

Whether you are an E-commerce store/Marketplace or a financial institution such as a Bank, using our configurable API you can take full control and incorporate crypto into your business however you see fit.

Main Website – https://payscript.io

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