Recently, a lot of technologies have gained extreme popularity. For instance, Artificial Intelligence, Machine Learning, Augmented Reality, Virtual Reality, and many others. One such technology that has today become the buzzword in the market in Blockchain. It has become quite popular in both the startup world as well as in the corporate space where big corporations like banks, insurance companies, and many others are implementing Blockchain for various solutions. In this blog, we will take a look at such use-cases.
Blockchain Technology Overview
Traditionally, there have been middlemen who have been controlling the data. For instance, Facebook is the middleman between users and advertisers. Banks are middlemen between borrowers and lenders.
The issue here is that the data is controlled by a central authority – Facebook and banks. They, therefore, control the prices and also technically own the data. In this scenario, all the power lies with a middleman and users have to trust them to remain ethical and continue to think about user interest. Blockchain was invented to make the data decentralized and trust minimized with any centralized party.