How Blockchain is Impacting Social Media
The blockchain technology is no more new to the mass. With time, its applicability has increased to a wide range exploring different possibilities. Today Blockchain technology provides a way to transact in an immutable, secure, transparent, and auditable format. However, the understanding of blockchain technology varies widely in terms of its potentiality and application. This technological breakthrough is definitely into bringing a new revolution on the internet.
Main Utilization area of Blockchain:
Its application mainly covers three areas:
Using Smart Contract Record and Execute Transactions:
Smart contracts are digital codes that are built for special purposes. The action built is based upon certain contractual agreements which are validated by all parties. Smart contract saves transactions in an immutable way, which needs a quality contract to avoid errors and fraud.
Consider a land transaction which requires a high-quality smart contract which can create
secure, transparent and immutable transaction details.
Storage of Digital Record:
Store all digital record details of individuals, organization, their digital assets, above all anything that is digitally represented is assigned into blockchain.
Digital Asset Exchange:
A peer to peer transaction is happening without any third party intermediaries. With this transaction time, related cost, settlement time etc get reduced to negligible.
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