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Why should you really care about blockchain technology?

The global blockchain market is expected to be $20 billion by 2024. Blockchain technology is evolving and it is going to stay for really long. This is the high time that you should really care about it for a better business process.<br>

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Why should you really care about blockchain technology?

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  1. visit :www.sphinx-solution.com Call :+91-020-26434646 Why should you really care aboutblockchain technology? The global blockchain market is expected to be $20 billion by 2024. Blockchain technology is evolvinganditisgoingtostayforreallylong.Thisis thehightimethatyoushouldreally care about it for a betterbusiness process. To clear your idea more, remember bitcoin and blockchain technology are a different concept. Understanding blockchain will help you to understand how this technology will it serve differentindustries. • What isBlockchain? • Blockchain technologyis a digital ledger which works as a series of block that contains information,chainedtogethertoofferareliableand secureaccountingforany particularfield of work. In a block the information shared is encrypted, confirmed and distributed to a number of linked computers (in the network which are known as nodes). This ledger is secure and tempar-proof. The activities such as transactions, exchanging cryptocurrency, medical records, shareholder records, agreements are some of the best uses so far. However, it has a hugepotential. • Benefits • Security:Decentralizedatamakesiteasytosavefilesinmultiplelocations. • Data management: Strong verification process for a better datamanagement. • Logistics: Goods can be traced totheir origin which offers company and consumers bettertransparency. • Investing:Itprovidesstrongspaceforcrowd-basedfundingandotherinvestment. • InternetofThings:Offersan infrastructuretoassignautomationforremotesystems as many IoT devices come with some privacyconcerns.

  2. What isBitcoin? In simple words, it is a digital currency exists in codes (encrypted) form. It is one of the most popular cryptocurrency. Users can use high-end computing hardware to mine bitcoin. There is alimitedsupplyofbitcoinasitrequiresalotofcomputer resourcesandtime.In2017,asingle bitcoin was worth about $17,112 USD. Itis a viable currency online for many e-commerce. How bitcoin works overblockchain? Let’sassumethatMr.Awantstosend moneytoMr.B.Initially,theybothneed abitcoin “wallets” as it works as a software to use blockchain. A wallet is justan access door. Mr. A uses his cryptographic key to request thetransaction. The cryptographic key is transforming plain text into coded one. The key is privateand ensures high security. This is the main part of the cryptographic operation. Mr. A’s request is joining the other requests or orders in a block, containing a cryptographic sign or hash of the previous block, a timestamp and transaction data too. This ensures that a block is linked to other blocks and can’t be alteredseparately. Therequestsarethenanalyzedbyothersinthenetwork.TheycheckwhetherMr.Areallyhas the bitcointo spend to Mr. B. If everything is okay, miners on the network will initiate the request with other similar transaction to form a new block. The block is marked with a date anditis addedtothechainoverthenetwork.Finally,Mr.B receiveshismoney. We at Sphinx Solution are working on the blockchain development, wallet development, smartcontractsand manymore.Weare anexperiencedITteamoffersthebestsolutionto differentindustry. Curious toknowmore,contactustotakethisforward.

  3. USA :+1 732-947-4310 | UK : +964 07717777 916 | Malaysia:+6017-2126274 IRAQ : +964 0771 7777 916 | BRAZIL : +55 21 2258-7260 | INDIA :+91-020-26434646 https://www.sphinx-solution.com Copyright© 2018 Sphinx Solutions Pvt Ltd. All rightsreserved.

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