dmpq-Describe the Blockchain Technology. List the need of Blockchain Technology.

The blockchain is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or an exchange that was not done with the consent of the parties involved.

The most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on the main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.

Blockchain technology can find applications in the following areas in future:

Smart contracts 

Any industry heavily reliant on contracts, such as insurance, financial institutions, real estate, construction, entertainment, and law, would benefit from blockchain’s indisputable way to update, manage, track and secure contracts. Smart contracts, those that are embedded with if/then statements and be executed without the involvement of an intermediary, also use blockchain technology.

Supply chain management

Whenever value changes hands or the status of asset changes, blockchain is ideally suited for managing the process. Asset protection – Whether you’re a musician who wants to ensure you get royalties when your music gets played or a property owner, blockchain technology can help you protect your assets by creating an indisputable record of real-time ownership.

Personal Identification

Governments manage vast amounts of personal data from birth and death records to marriage certificates, passports and census data. Blockchain technology offers a streamlined solution for managing all of it securely

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