Talking about blockchain is all the rage and people wonder what that is. What do you eat it with or what is that ...
Well to give you an idea this is simpler than you imagine. And it will revolutionize our economy and our social sphere. Here us an example.
If you want to send money to a X person, you must go to a bank to make a deposit to a X
person. Then you require a person to assist you and make your transaction and also pay a price for that service. So here with the bank you and the other person X have no control over this process. They will handle the entire process to complete your transaction.
Goodbye to intermediaries (banks).
And now this is were blockchain would be a great help.
This is where thanks to the blockchain you will eliminate the intermediaries here as a user you have control of your transaction.
What is the blockchain then? Well, a giant account book in which records (blocks) are linked and encrypted to protect the security and privacy of transactions.There must be several users to what we call (nodes) that are responsible for verifying those transactions to validate them.
Then using the new technology like Bitcoin or any cryptocurrency you can make any transaction in record time almost seconds depending on the cryptocurrencies.
You can send that money to that person you want either within your own country or across
borders at a low cost or well below that of many companies that are responsible for sending remittances.
The blockchain can be used in many more things. Here only I focused on money transactions.
For all this do not forget that you must open a wallet where you can send your coins.
Wallet: place where you store your coins and make your transfers and can receive them.