Developers wishing to reduce the traceability of the created cryptocurrencies are launching modified blockchains for them, transactions in which are mixed and become very difficult to track.
Blockchain is a distributed database stored on a large number of computers in the form of many identical copies. These copies are constantly synchronized, so that any new records in the database are instantly distributed throughout the network. All new changes are recorded in information blocks, from a single and continuous chain of which the blockchain consists.
When creating the so-called. exclusive blockchains, for example, in the banking industry, developers can make information non-public; depending on the access level, the blockchain client can have either full access to processing or reading records in the blockchain, or truncated (including practically zero).
The blockchain allows you to save not only records of transactions and transfers of funds, but in general any information that can be recorded in digital form, including executable computer code. This code can be written in such a way that it starts its work when the cryptographic keys are entered by two counterparties who have previously made a decision to cooperate under certain conditions. This technology is called “smart contracts”, and the prospects for its application in business are extremely wide.
Not a single record that got into the blockchain can subsequently be erased or changed by an unscrupulous minority, since this would have to affect all network nodes at once, and this is almost impossible. Therefore, the data, once recorded in the blockchain, cannot be falsified or arbitrarily deleted.
By 2024, the blockchain solutions market will grow to $ 60 billion In 2017, the size of the blockchain solutions market was only $ 708 million. It is projected to grow to 60.7 billion by 2024. Most of the growth is likely to be associated with the financial services sector.
Blockchain will modernize the way consumers and electricity suppliers interact. The data will be automatically saved to the appropriate registry.
Controlling the transportation of thousands of goods around the world is a serious problem for companies. Blockchain is able to simplify this process by converting the workflow into electronic form. A recent Bloomberg article says the technology will revolutionize the industry with standardized container sizes in the 1960s. If blockchain really makes transportation easier, goods around the world will become cheaper.
The technology is still in its infancy, and there are many potential applications. Many companies are just starting to think about integrating blockchain into their activities.