Blockchain explained.

From Reuters.com:

September 24, 2021.

“CHINA'S TOP REGULATORS BAN crypto trading and mining, sending bitcoin tumbling.

TEN AGENCIES, INCLUDING THE CENTRAL BANK, financial, securities and foreign exchange regulators, vowed to work together to root out “illegal” cryptocurrency activity.”

Apparently China DOES NOT UNDERSTAND 'the Sense of history'.

'THIS FIRST PART' is a Rant 'AGAINST GUMROAD', which acts as AN 'INTERMEDIARY'; between the customer and the supplier.

And WHOSE QUASI DIVINE WILL 'HAS POWER OVER BOTH' -the client and the provider- THROUGH CENSORSHIP.

IN THE AGE OF INTERNET, DIGITAL AND NOW THE BLOCKCHAIN TECHNOLOGY THESE INTERMEDIARIES HAVE BECOME UNNECESSARY.

IF YOU DO NOT WANT TO SEE THIS RANT AGAINST GUMROAD, which dismantles the rhetoric of Those who still plebiscite this old mode of technology.

Move forward, THE SECOND PART IS DEDICATED TO EXPLAINING WHAT THE BLOCKCHAIN IS.

“What people are UPTIGHT”.

I just got censored on gumroad. Lol which is ironic, given 'the Nature of this company's service'.

THIS UMPTEENTH CENSORSHIP OF AN ONLINE PLATFORM, MAKES ME SAY THAT IT IS NOW FUTILE TO DEAL WITH PARTNERS ON THE INTERNET.

AND THAT THE SOONER WE BUILD 'as many services' as possible in direct relation with the customer via Blockchain technology, THE MORE PEACEFUL WE WILL BE.

MY ADVICE TO ALL CONTENT CREATORS to get paid;

• DON'T TAKE AN INTERMEDIARY BETWEEN YOU AND THE CUSTOMER: THEN YOU WON'T BE AT THE MERCY OF A MORON IN A COMPANY AND HIS SANCTIMONIOUS MATERNALIST POLICY.

'PERSONALLY I'M DONE WITH ALL THESE PLATFORMS', which act as intermediaries between the creators and the customer.

There is no point in paying intermediaries a lot of money in the age of blockchain technology.

Intermediaries who lecture you because what you post doesn't fit the 'Social Etiquette of the day'.

I'm old enough to post what I want to post, I don't need a Mummy TO TELL ME HOW TO BEHAVE IN CHURCH ANYMORE.

From Authority: Become an Expert, Build a Following, and Gain Financial Independence by Nathan Barry:

“Once your sales page is in place you need a way to actually accept payment.

You can build it directly into your site (a bit complicated) or LINK TO A THIRD PARTY PROVIDER (MUCH EASIER). If you are new to the process I recommend using a provider that can be integrated with just a link. The most common are PayPal, Gumroad (my favorite), SpaceBox, and E-junkie. More on each one later.

Sahil Lavingia, the founder of Gumroad, describes his mission for Gumroad to make selling a digital product as easy as sharing a link.”

As easy as censorship, he should have written.

When the intermediary (THIRD PARTY PROVIDER) has all the power over you (and your creations), I don't call it easy, or temporary easy before CENSORSHIP.

From How to Start Your First Online Business: The Quick and Highly Actionable Plan to Start Your Online Business and Live a Simpler Life by Neal Samudre:

“But the best and easiest platform I've used to sell is Gumroad.

First off, Gumroad makes it really easy to submit your product.”

From Hustle Away Debt: Eliminate Your Debt by Making More Money by David Carlson and Stefanie O'Connell:

“GUMROAD.

There is a transaction fee of $0.25 for each sale as well as a 5% charge per sold product.”

Why have fees, when you can use blockchain technology at no cost?

From Mimi's Book Launch Plan: How to launch your ebook easy-peasy, with diary notes of 31-day count-down and to-do overview by Mimi Emmanuel:

“My book was listed with gumroad.

The nice thing about Gumroad is that you can allow customers to set their own price.”

What interests people in this gumroad service, is a personal web page where their books “will be visible” for sale all the time.

But, there are also platforms in blockchain technology like webpage service, where you can show your product with your blockchain 'addresses to get paid'.

It's simpler and it's Indelible, 'therefore Uncensorable'. You are no longer at the Mercy of a Company's Management -who decide “that your products no longer correspond to the Social Trend”–.

From Retrato: A Guide to Portrait Photography, Gaining Followers and Making Money by Bleeblu:

“Etsy. Fees: $0,20 to list each item for four months, 3,5% of each sale.

Big Cartel. Fees: Free with 5 products, $10 for 25, $20 for 100.

Society6. The downside is the large amount of money they take from each sale.

Squarespace. Fees: $8/month for 1 product, $18 for 20 products and $26 for unlimited products (billed yearly).

Gumroad. If you bought this ebook for $9, I’d make $8,30 and Gumroad keeps $0,70.”

Why pay intermediaries when you can use free services?

Free because the operating costs are supported by the business model such as blockchain.

Not all blockchain services have the same support model, but many include their operating costs by taking a 'small portion' of the transaction. Technically “it's not free” except that when you come to these fees, you realize how Ridiculous they are.

IT'S THEREFORE A CHOICE OF REFERENCE Compared to classic intermediaries, classic in 'the non-technological sense'.

The blockchain being in principle only an interface even if it can contain parameters similar to a classical intermediary (like personnel to pay, social charges, et cetera). All these intermediaries have huge fixed costs Compared to a “Purely technological platform”.

From 10 Fundraising Ideas & Strategies: Fundraising strategies to raise money by Alex Genadinik:

“Of these platforms, and the one I use personally, is Gumroad.

Reasons why I chose Gumroad:

– It has a simple payment process.

– Handles VAT for me (a huge pain selling from an EU country).

– I can build my own email newsletter and have control over it.

– Great Analytics for customers and sales.”

“Handles VAT”; blockchain technology does not have this problem.

Blockchain technology does not have this problem because

it is not affiliated with any country.

It is sure that in the future, states will legislate what you earn on these blockchain platforms.

But you can always switch to another blockchain platform, if it becomes regulated.

Anyway, 'it's a cat and mouse game'; STATES WILL TRY TO TAX 'EVERYTHING YOU EARN'.

THEN IT'S UP TO YOU TO DECIDE 'if you Decide THAT A PART OF WHAT YOU EARN SHOULD Be Given to the community' or not.

“Gumroad has a simple payment process”; blockchain technology is even more simple, and if you want to get your funds back on non blockchain money, THEN IT IS RELATIVELY EASY.

“I can build my own email newsletter”; I'm pretty sure you can find decentralized services on there, and maybe even blockchain.

“Great Analytics for customers and sales”; The same as Above.

From The 30 Day Startup: How to Create a Successful Tech Startup in 6 Weeks for Less than $50K by Sam Kamani and Will Schmidt:

“Gumroad.

Sahil Lavingia launched Gumroad in 2012. Aiming to make the ability to sell online as easy as sharing content on social media, he built the tool without THE NEED FOR A MERCHANT ACCOUNT.”

Technically, Gumroad is the merchant, that is the intermediary between you (your products) and your customers. So, this is false.

GUMROAD IS THE MERCHANT. The Intermediary.

And I don't see why I would pay a merchant TO SELL A PRODUCT, which I CAN SELL MYSELF.

From The Ultimate Guide to eCommerce Software: Everything you need to start an online business by Matthew Guay, Melanie Melanie Pinola, et al., 2016:

IT'S QUITE SIGNIFICANT -of these platforms- that play the intermediaries.

Because in doing this 'little press review', I found in a list of 6 intermediaries, 2 that were already dead, and yet the book is from 2016, so -barely 5 years old-.

“Where to Sell:

Gumroad, Chec, Sellify, SendOwl, E-junkie.”

Plasso plasso.co & Chec trychec.com are dead.

This shows that these platforms -ARE NOT RELIABLE-.

“What It’ll Cost:

Chec comes in cheapest, at 2% per transaction plus payment processing fees.

Gumroad’s charges 5% per transaction plus 25¢ per sale.

Plasso charges 4% per transaction plus Stripe’s fees.

Sellify charges 5% plus PayPal fees.

E-junkie and SendOwl use monthly plans, starting at $5 and $9/month, respectively.”

WHY PAY, WHEN YOU 'CAN USE BLOCKCHAIN SERVICES'?

From YouTube Black Book: How To Create a Channel, Build an Audience and Make Money on YouTube by Christopher Sharpe:

“Gumroad. I love it.

You can also sell video products as long as the individual files aren't bigger than 4GB.”

Again this is a limitation of the service provider. If you find a decentralized platform, maybe blockchain, you won't have this disadvantage of being limited.

Moreover, this limitation will probably change over time, DEPENDING ON THE WISHES OF THE COMPANY'S MANAGEMENT.

Apparently, NOT ALL OF THESE CREATORS have been censored yet, because their contents did not please the management.

IT WILL COME FOR SOME OF THEM, I am 'not an exception'.

NO, THERE IS NO INTEREST TO HAVE AN INTERMEDIARY BETWEEN YOU AND YOUR CLIENT, at the time of a revolutionary technology “LIKE THE BLOCKCHAIN”.

Technology that makes 'many teeth in the GANG OF PARASITES' Cringe.

I'M GOING TO DO A “PRESS REVIEW” on what BLOCKCHAIN IS, BECAUSE NOT ENOUGH people understand its BENEFITS:

From Blockchain – ICBC 2018: First International Conference, Held as Part of the Services Conference Federation, SCF 2018, Seattle, WA, USA by Shiping Chen, Harry Wang, et al.:

“Blockchain was first introduced by Satoshi Nakamoto in 2008 as the underlying data structure of Bitcoin. As its name suggested, a blockchain is a chain of blocks, in which each block contains a number of transactions which are hashed in a Merkle Tree.

By storing the hash value of the previous block, each block refers to its previous block, forming A CHAIN STRUCTURE.

Together with peer-to-peer communication, consensus between miners such as Proof of Work (PoW), asymmetric encryption and digital signature, a blockchain system can provide a TEMPER-PROOF AND IMMUTABLE value-transfer network which facilitates the booming of cryptocurrencies. This kind of blockchains which mainly used in cryptocurrencies can be defined as blockchain 1.0.

Although Bitcoin supports scripts to define simple rules, the scripts are Non-Turing-Complete. In order to make blockchain suitable for more scenarios other than cryptocurrency, Ethereum introduced smart contract which can be constructed with Turing-Complete programming languages (for example solidity).

SMART CONTRACTS ARE EXECUTABLE CODE STORED ON BLOCKCHAIN, defining what information to store and what transactions to EXECUTE.

If an application is built only by Ethereum-like blockchain without cyber-physical interaction or other external facilities, it is defined as blockchain 2.0, which means blockchain based economic, market, and financial related applications.

Blockchain 3.0 means blockchain based applications beyond the scenarios of blockchain 2.0. For example, blockchain based naming systems, health caring systems, IoT systems and so on. As for blockchain based IoT systems, besides the blockchain related factors such as consensus method, smart contract support or not and state machine management, IoT related factors such as the constraint of computing power, memory of devices and network bandwidth, and security of devices must also be considered. However, the problem that the limited resources of IoT devices CANNOT WELL SUPPORT THE MINING PROCESS OF BLOCKCHAIN NODES OCCURS FREQUENTLY.”

It's Therefore more a Regression in the sense that the HARDWARE LIMITS. We should have called this 'application type' Blockchain 2.5, rather than an Evolution (3.0).

A little Bit of History.

From BITCOIN: Bitcoin Secrets Revealed: The Complete Bitcoin Guide – Bitcoin Buying, Bitcoin Selling, Bitcoin Mining, Bitcoin Investing And Bitcoin Exchange by Richard Carroll:

“The concept behind establishing a permanent, decentralized ledger, like blockchain, was first discussed in 1991. However, the first actual blockchain implementation was designed in 2008, by Satoshi Nakamoto.

THE DIGITIZED LEDGER that Satoshi Nakamoto created in 2008 was the basis for the spreadsheets that manage cryptocurrencies and other online trading transactions.

The technology that allows bitcoin to serve as a digital currency, as a store of value, and as a medium of exchange is blockchain because bitcoin transactions are recorded in a blockchain ledge. This means blockchains are not limited to running bitcoin; rather blockchain application can span the entire gamut of trade, finance, healthcare, legal operations, records management, gaming, online exchanges, probability, and more.

Blockchains are digital ledgers and can be formally defined as a continuously-growing list of records that are linked tougher and secured using advanced cryptography.

Each record in the list of a blockchain’s chain IS CALLED A BLOCK THAT CONTAINS SPECIFIC TYPES AND PIECES OF INFORMATION.

Each block WILL USUALLY INCLUDE SOME SORT OF POINTER AS A LINK TO THE PREVIOUS BLOCK, TRANSACTION DATA, AND A TIMESTAMP, WHICH CAN TAKE A VARIETY OF FORMS.

ANOTHER WAY TO LOOK AT IS THAT A BLOCKCHAIN IS MUCH LIKE A DATABASE WHERE EACH ENTRY IS LINKED TO THE PREVIOUS AND NEXT ENTRY.

THIS MEANS THAT THE INFORMATION CONTAINED WITHIN THE BLOCKCHAIN CAN'T BE CHANGED.”

BLOCKCHAINS ARE [THEREFORE] RESISTANT TO BEING MODIFIED BECAUSE OF THEIR INHERENT DESIGN.

ONCE INFORMATION IS RECORDED IN A BLOCKCHAIN, THE DATA CANNOT BE ALTERED after-the-fact WITHOUT ALTERING THE SUBSEQUENT BLOCKS BY HAVING THE MAJORITY OF NODES ON THE NETWORK AGREEING TO THE CHANGE.”

You understand 'the REVOLUTIONARY CHARACTER of the blockchain', which I consider as important as the invention of the Press.

Because it frees the individual from the group.

“THIS INABILITY TO CHANGE THE DATA WITHIN A BLOCKCHAIN MAKE ILLEGAL OR UNFAIR ACTIONS ALMOST IMPOSSIBLE TO CARRY OUT. IF A HACKER WISHED TO ALTER INFORMATION WITHIN A BLOCKCHAIN, THEY WOULD HAVE TO GAIN CONTROL OF EVERY NODE.

SINCE BLOCKCHAINS ARE DESIGNED TO BE VERIFIABLE AND PERMANENT, THEY ARE ESPECIALLY SUITABLE FOR RECORDING EVENTS, maintaining medical records, drawing up agreements, fundraising, and keeping track of other documents.

DURABILITY AND RELIABILITY.

Blockchain technology has been proven not to have a single point of failure and is capable of withstanding malicious exterior attacks more efficiently. This is compared to closed systems that contain possible weaknesses and point of failure that are scattered throughout the entire system from within.

Blockchain technology ACTS AS A MIDDLEMAN for implementing all business deals, protocols, and programmed exchanges of information in smart contracts.”

THIS IS THE INTERMEDIARY THAT HAS BEEN REPLACED BY A TECHNOLOGY, whose principle IS THE FREEDOM OF THE INDIVIDUAL. REVOLUTIONARY.

Thus the censorship is Beaten.

That's why I used to say “I'm done” with these 'human intermediaries', who can't Stand criticism, or who have no conscience of their own.

I'll let them die with their mouths wide open, because in the long run with the next decentralized internet 'and/with' the blockchain; they are dead.

“Blockchain applications have begun to become increasingly popular in the medical field in recent years. Researchers are now investigating these applications dealing with digital identity, insurance records, and medical records. There are many medical offices today that use some kind of digital machine to verify that the information they have on file is, in fact, your information.

The financial industry is one of the sectors that have greatly benefitted from the use of blockchain technology.

Another way that blockchain technology can add value to a business is by banking the unbanked. It might be hard to believe, but there are a lot of people in the world who don't have bank accounts. Blockchain technology will provide the opportunity for these people to create a bank account.”

I know people who are creditworthy but can't open bank accounts.

Which is ridiculous in this age of the internet and computer technology.

“Next, BLOCKCHAIN TECHNOLOGY can add value to businesses through legal contracts.

For example, when you are buying a house, all the documents that you sign, must also be signed by the seller. This means that all the documents must be in one place for both parties to have access [...] making the legal contracts immediately usable WITHOUT ANYONE BEING ABLE TO INTERFERE IN THE PROCESS.

The promise of BLOCKCHAIN TECHNOLOGY saw all of the world's contracts and agreements digitized into code and stored in public, transparent databases that are safe from being deleted, tampered with, or revised.

As the technology continues to expand, we'll see middlemen, like lawyers, stock exchange brokers, and banks, saving billions, if not trillions of dollars every year.”

And we will also 'GET RID OF A LOT “OF SOCIAL PARASITES”'.

“Blockchain technology is ideally suited to revolutionizing the way many industries do business. Here are just some of the ways that blockchain technology will accomplish this.”

ELIMINATING THIRD PARTIES.

BLOCKCHAIN TECHNOLOGY will eradicate third parties and increase the number of exchanges THAT AREN'T SUBJECT TO TRUST ISSUES.

Blockchain will allow two or more parties to conduct a transaction, of any type, without having to resort to official oversight or intermediation with an external party.”

IT'S THE SAME THING; that is to say 'to get rid of an Intermediary'; THE STATE (Official) is only an Intermediary.

“BLOCKCHAIN TECHNOLOGY has made it easier for businesses to do business together because it has dramatically simplified the production process, and transfer process, as well as the verification and payment methods, used.

Blockchain Technology and Quality Assurance.

In business, mistakes happen, no matter how careful you are and how closely you follow processes and procedures, and it can be challenging to pin down HOW THE MISTAKE OCCURRED. WITH BLOCKCHAIN TECHNOLOGY, MISTAKES AND ERRORS CAN BE TRACED BACK TO THE POINT OF ORIGIN.

NOT ONLY DOES THIS MAKE IT EASIER TO INVESTIGATE MISTAKES, BUT IT ALSO SAVES COMPANIES TIME AND MONEY.”

SECURITY:

“One of the most significant issues people are faced with today is the thought that all their information could be compromised by hackers because most of our personal information is digitized. It also seems that it has become too easy for complete strangers to ACCESS, COPY AND TAMPER WITH OUR DATA.

Blockchain technology was created to help ensure that doesn't happen or in the very least make it more challenging to try.

For someone to hack the blockchain system, they would need to go back and change every single block.

Proof of Work:

To be accepted into the blockchain, each block must have a valid proof of work. A proof of work is a type of data that is both difficult to produce as well as time-consuming. Creating proof of work is essentially a random process with a low probability of success. This means that a bitcoin mining machine that is trying to complete the process requires a significant degree of trial and error to be successful. Bitcoin uses what is known as the hashcash proof of work.

The hashcash proof of work is a type of cryptographic algorithm that makes use of a hash function as a core building block of the mining process. The most common hashcash function that is used today is the haschash-Sha256. This particular proof of work function was created by Dr. Adam Back in the 1990s. It was initially used as a way to prevent email spam abuse because successfully generating the hashcash for a single email was simple. However, creating one for a vast number of emails at the same time proved to be much more difficult.

You can tweak hashcash proofs of work for the difficulty to ensure that new blocks aren't being generated faster than the network can handle. This means that a new block can't be generated more than once every ten minutes at this time.

As the probability of each successive generation is low, this makes it challenging to determine which bitcoin machine is going to generate the next block.

For a new block to be considered valid, its hash value must end up being less than that of the current target. This means that each block will have to naturally indicate that work has been completed to generate it.

Each block also contains the hash of the preceding block, which is how the chain understands where each block falls within the overall blockchain. To change a block, the work must be redone on all the previous blocks, and new and connected hashes must be generated for all of them. The blockchain is then essentially protected from TAMPERING, BECAUSE OF THE ENORMOUS COMPUTATIONAL POWER THAT IS NEEDED.

Proof of Stake:

Most of the significant cryptocurrencies today work off of some variation of the proof of work model, either through the SHA256 hash or through another, similar hash.

However, Ethereum [...] has been working on an alternative that could significantly change the way BLOCKCHAIN TRANSACTIONS ARE VERIFIED.

In early 2017, Ethereum released the implementation guide for a hybrid proof of work/proof of stake system.

They are rolling out this new system in phases before they make it the platform’s primary verification system. The plan currently states that the blockchain platform will alternate between the two systems. With the new system, about one out of every 100 blocks will use the new system while the rest will continue to use the old system.

There hope is that the new system will improve the rate at which they can produce new blocks.

This will be the first time a proof of stake system will be used to secure a blockchain, which will be a significant step forward.

It's important to understand just how the proof of stake system differs from the proof of work model. With proof of stake verification, rather than having the miner solve the equation to verify the block, a validator, who is confirmed reliable by the stake they have in the system, will commit to its accuracy. THEY KNOW THAT IF THEY LIE, THEY WILL LOSE THEIR OWN ETHER AS WELL.

During the first stage of deployment, all of the blocks that are verified through the new system will also be checked through the old system to help double verify that the blocks contain the information that they should, while also testing the accuracy of the new system. Validators will then look at the various chains that are available and make a decision based on how much ether is currently in the chain. If they make a poor choice, they will lose their money.

This process will help form a consensus THAT LEADS TO A SINGLE MORE MASSIVE CHAIN FROM THE MANY SMALLER ONES.

Benefits of the Proof of Stake Model.

While the process of implementing the proof of stake model isn't smooth sailing, it doesn't mean that the proof of stake system is going to lose out. It contains many clear benefits over the more traditional process. This first clear benefit that this new model will have is that it will drop the more than one million dollars ETHEREUM MINERS SPEND ON ELECTRICITY EACH DAY TO AROUND $100,000 OR JUST TEN PERCENT.”

This ecological argument is not a security argument for blockchain.

“The Integrity of Data Processing and Transfers.

Due to the unchangeable nature of the blocks in a blockchain, every user on the network can trust that every transaction they make will take place on the network and that they will always be executed precisely as the system was designed.

All transactions made to and on a blockchain are, by design, created on a public ledger THAT CAN BE LOOKED AT BY EVERYONE.

Faster Transactions.

Transactions between banks, like ACH, (automated clearinghouse transactions) CAN TAKE DAYS TO CLEAR.

This is especially true for transactions that are made outside OF REGULAR WORKING HOURS.

Just think about when you send a wire or make a purchase at the end of the business day on Friday.”

This makes no sense in the Age of the Internet.

“Without blockchains, you are unable to SEE ANY TIMELY UPDATES TO THE STATUS OF YOUR FUNDS.

Blockchain technology reduces the transaction times to minutes, and sometimes even seconds, and they are processed AROUND THE CLOCK.

Lower Transaction Costs.

With blockchains, NO OUTSIDE PARTIES are overlooking the transactions. Because of this blockchains can potentially reduce the transaction fees significantly. With reduced transaction fees, it could possibly lead to billions of dollars being saved annually.”

From Blockchain Technology and Applications by Pethuru Raj, Kavita Saini, et al.;

“Bioinformatics, governance, banking, trading, society, politics, and even the very structure of the Internet itself are suited for disruption. Generally, blockchain technology will bring DISINTERMEDIATION AMONG EVERYTHING.”

People 'don't realize' how Revolutionary blockchain is.

“Emerging blockchain technology has had a vibrant influence, disrupting the way IT has been working, because the blockchain network DOES NOT POSSESS ANY CENTRAL CONTROL.

Usually the credit or debit card service providers demand a processing fee for their services. Using the blockchain technology, railway systems can eliminate the processing fee AND EVEN ENHANCE THE EFFICIENCY OF THE ENTIRE PROCESS.

ONE CAN UNDERSTAND THAT BLOCKCHAIN CAN GIVE BETTER COST SAVINGS BY AVOIDING THE MIDDLE MAN.

While CENTRALIZED SERVERS are vulnerable to the security risks which demands more security, the risks are spread out in the network since blockchain works based on DISTRIBUTED COMPUTING.

Blockchain is considered ONE OF THE TECHNOLOGIES with the most potential.”

It is.

“Bitcoin, proposed by Nakamoto, attracted researchers and industrialist attention towards blockchain as it has the capacity to eradicate the limitations of the traditional payment method which depends on a THIRD PARTY.

SATOSHI INTRODUCED THE LEDGER DESIGN that is called block, and contains a verified transaction.

The blockchain concept relies on cryptography that links the blocks and each block holds the cryptographic hash of a previous block and timestamp along with data to be transferred.

The OPENNESS in the distributed setup is achieved with the help of a peer-to-peer network.

The MAIN IDEA is that the need for central TRUSTED THIRD PARTY IS OBSOLETE.

Each node, another name FOR BLOCK, POSSESSES A COMPLETE REPLICA OF THE BLOCKCHAIN.

Adding a new transaction, that is, adding a block, ENSURES THAT BLOCK IS APPENDED TO ALL BLOCKS SUCH THAT TRANSPARENCY IS MAINTAINED.

TAMPERING WITH DATA IS NOT POSSIBLE.

Cryptographic arrangements help in increasing the security of the transaction IN ANY SORT OF APPLICATION.

The type of restriction blockchain is broadly classified into public, private and consortium.

The blockchain provides RELIABLE, IMMUTABLE, IRREVOCABLE, Transparent data available at all times, with reduced costs because a third party is not required.

Initially starting with the buzz word CRYPTOCURRENCY, the blockchain has found applications in various domains in both the public and private sectors across the globe.

A meeting conducted by the Organization for Economic Cooperation and Development (OECD) discussed the uses and limitations of blockchain in the public sector in October 2018. It mentioned clearly that the blockchain is PROGRESSING EXPONENTIALLY.

The blockchain is utilized actively IN PUBLIC SECTORS like transport management, taxation, voting, land registration, health care, identity management, digital pay