Blockchain – the most popular technology that the world has witnessed in the recent times. The blockchain was introduced way back in 2009 alongside with the Bitcoin integration and yes, it was an option to the system that was enrolling during that time period. From the technology which wasn’t quite that highly developed as it is now, the effort that put forward for this system is astonishing and an encouraging one. We shall now see what this “blockchain” is and the basic facts to explore this term in MLM marketing world.
Blockchain technology, entering into the victorious tenth year anniversary has been through its thick and thins. Even though it’s going to be a good time in the history, there are still rumors making around this innovative technology. And there have been explanations on the technical analysis which lead the online world into two, one those who support the facts of the technology and the other who gives out an opinion “this will be a failure”. Let’s see the basic must-knows of MLM marketing.
1. Exclusivity in the technology!
The blockchain is a distinctive technology that has been widely accepted among the online users. The blockchain is a ledger system that helps to keep the records of most of the distributed system.
Though it is public it is well secured to store and process all the data as it has received wide applicability over the existing systems.
The blocks of data connect together in the blockchain and these blocks have its relation with the neighboring ones to form a group like a system. And each time a block is added up, the successive block registers a timestamp or similar sort of stuff that relates to the previous one. Thus these interlinked locks aren’t that easy to break. And we call this as “security” which we will explain further.
2. Security – The key stuff!
The security stuff, yes, blockchain is secure enough to make all these processes ideal. While a block is created it is hashed and is registered in as a public data but however, public it is, privacy isn’t an issue. Let’s consider the situation where you’re in an MLM network and you’re currently progressing with the old techniques that depend on third-party mediums like financial institutions, banks etc. in order to make transaction across the globe or within the local board lines, the bank needs to approve the request and then proceed with transaction.
There will be delays and that’s where this blockchain technology really matters the most. Just make the transaction look easy within the blockchain network (of course the MLM business has to be changed into the blockchain network) make the transaction in a quick session and this transaction will be added as a new block. But still, the question remains if the details are public how come is it secure?
As we mentioned before, the hashing makes this secure. The hashing lets the data to be categorized in as validated and if a wrong person or some fraud is happening over these data, the related nodes will check it and have the authority to deny the transaction. So privacy and security matters here the most.
3. Blockchain as application units!
Now, that we know what blockchain is, let’s see the topmost applications of this particular technology and what might be the future. Cryptocurrency, one of the most excellent applications considered in the online world which came in as a perfect solution for the physical money. With the surfacing of cryptocurrency, the wastage of time and money is minimized to the furthest end. And as we said earlier the transactions became simple with a particular cryptocurrency.
In the blockchain slot, a new cryptocurrency can be effortlessly created and used for basic processes as well as a certain advanced process that can make a huge advantage out of it. Obviously, you would like to know those opportunities, trading is one among them. Here, you could trade between cryptocurrencies as well as another sort of money-stuff. By understanding the present marketing caps and future predictions choose the right one to invest on.
cryptocurrency Exchange platforms are another medium of crypto-functionalities that is gaining popularity among the other things.
The other applications are still on the developing side like used in the banking/financial sector, government networks, insurance business and much more.
The most important fact is, however, familiar it might be, how far is it applicable is the concern!
We hope this article cleared some air around this topic to some extent and will drive you to read more and know more.