There are few technological advances that hold the promise of Blockchain. And though you may not see it impacting your life every day, believe me, it is.
Blockchain is a technology used to store, organize, secure, and verify data in a simple yet effective manner. It stores the information through blocks or chunks of data that can be accessed by any user on the chain but the data accumulated in the chain with other users usually cannot be deleted, modified, or manipulated to the advantage of one party.
The most exciting advantage lies in the fact that blockchain has the potential to facilitate secure transactions without the use of intermediaries and third-parties.
The Victoria Law Group is a certified Blockchain specialist, is a member of Blockchain organizations, and represents clients in the Blockchain space whose move the world forward, one block at a time.
Here are the Top 10 questions regarding Blockchain.
Blockchain is basically a series of blocks of data. The series is time stamped and present with hash signatures. The presence of hash signatures ensure that no one block can be changed without also changing all those after it.
So, a Blockchain can also be understood as a chain of information stored in an interconnected and sequential manner. It is a method of passing information from one source to the other. Each and every block (the data stored) is a unique block with a unique history.
We often hear about Blockchain technology these days. The most famous example using this technology is Bitcoin and it is often discussed how Blockchain technology may prove to be a revolutionary step for other money transactions as well.
The technology is based on information stored in “blocks”. When a user adds any information in the network, he/she adds it in all computers in the network. However, any other user cannot modify your block of information even though he can add his own block. Blockchain technology is, therefore, considered as the best and most efficient technology available for storing information.
You can enroll yourself with a good instructor or a developer teaching Blockchain. You will easily find online courses on Blockchain technology and with proper certification, you can even add this to the skills earned by you. The educator will help you learn about the basics of Blockchain such as introducing and defining it. You will also get to learn the interrelated aspects of Bitcoin and Blockchain and how you can use the Blockchain technology. You will also be equipped with the knowledge needed to create nodes on personal Ethereum Blockchain, create and accounts, mine, transact, transfer Ethers, and check balances etc.
With basics clear in your head, you can proceed with advanced courses.
Bitcoin uses the Blockchain technology for storing and structuring the information which basically means that though new users can store information it is virtually impossible for them to modify or delete any other user’s information. So, yes, it is secure. The secret ingredient is the “proof of work” which makes the data immutable.
Transparency: The source structure is such that other users of the network can read and confirm the information such that a single user cannot manipulate the Blockchain for his own benefit.
Decentralization: It is a method by which big blocks of information can be stored in a decentralised, distributed manner.
Cost effective: The Blockchain transactions are free so you, as an entrepreneur, can charge minuscule amounts for any information provided through the use of this technology. This basically means that the transaction costs or third-party costs can be eliminated to the fullest.
Faster transaction settlements: Blockchain technology is working on all days and hours so in case an issue arises, the resolution would be much faster. One is saved from the delays caused by banks and the hassle of payment portals.
User-controlled: This comes as a corollary to the decentralization of the network. Because third- parties are not involved for processing, the users are responsible for what they do.
Private Transactions: Anyone with an internet connection can view a list of the network’s transaction history but the users are unable to access identifying information about other users making transactions.
The Blockchain technology has various uses which are both effective and cost efficient. It can be utilised in the entertainment sector, say, for organising events, selling tickets, storing the data of attendees and letting them pay for the show. All can be done through a single window.
The Blockchain technology also possesses potential to simplify money related transactions. Thus, it can be used in retail services to simplify the creation of effective payment systems.
The technology can be also utilised in the Insurance industry to ensure efficiency and productivity to clients. It can even be inculcated by the Healthcare sector to facilitate the utilisation and storage of health records of millions of patients. The doctors, nurses, patients and anyone else can access it at the same time.
Blockchain technology is revolutionary as it is both effective and very simple. The technology allows a user to update and add data to huge blocks of information without risks, at minimum costs and without any assistance from a third-party. The middlemen are not required at all.
The greatest advantage it poses is the elimination of intermediary parties making the use of this technology highly cost effective.
Moreover, it is open source so anybody can use and access it without giving them the feature to trifle with others’ personal or sensitive information.
Looking at the advantages, one can easily comprehend how much potential it has to change the world!
Other technologies: Blockchain is not the only option available in the market for managing data. Traditional technologies and databases like SQL Server, Oracle are still present and many new entrants are also there.
Illegal Activities: It is true that Blockchain technology lets the user data remain private and confidential, it protects users from hacks and preserves privacy. But the technology presents a potential ground for illegal trading and activity on the network. The illicit transactions in Silk Road (an online “dark web”) present an excellent example for that.
Low throughput: The distributed ledger system can only move information around so quickly. Bitcoin can only process a maximum of seven transactions every second. But if we look at Visa’s network, it can process more than 50,000 transactions per second.
Security Concerns: The Blockchain is vulnerable to attacks. Here, a single organisation gains and possesses control of the majority of a network’s mining power. The technology is also susceptible to hacking.
The Victoria Law Group consists of competent and dependable attorneys and legal professionals who are highly knowledgeable in the field of real estate law. Our team of legal professionals has assisted several residential and commercial clients with various legal matters associated with real estate including but not limited to the preparation and revision of contracts, acquisition of properties, refinances, foreclosures, deeds-in-lieu of foreclosure, short sales, landlord tenant disputes, eminent domain, leasing as well as enforcements and evictions.
There is no case too complex for The Victoria Law Group to handle. We understand Miami Real Estate; we were built for Miami Real Estate. We know how important the real estate industry is to the global economy and we work hard to provide our clients with the best solution for all their legal needs.
Representation in our Real Estate Practice Area includes sales, leases, title insurance and other transactions in addition to structuring complex sale and acquisition agreements and negotiating and closing complex mortgage financing on behalf of lenders and developers.