Blockchain Series-1

Getting started

We are shopping, going online, researching, and most importantly, investing our time and money on things constantly, and as a result, the process of interaction among the world, for both liquids and real properties has increased immensely in the last decade!

While doing all our monetary operations, we are also facing many challenges both face to face and online. In this fast-paced environment, wouldn’t that be easier to do all of these without physical or “virtual boundaries” while keeping your wallet safe? Those virtual boundaries are the ones such as currency rates and transactions that keep us from shopping online in specific cases and that’s exactly where the blockchain technologies come into the picture.

In simplest terms, blockchain technology is a virtual boxing system designed to store your transaction data while letting everyone else -meaning all the other servers in the network- see your entries almost simultaneously. All the entries are encrypted in a “virtual ledger”. So what is a virtual ledger?

Virtual ledgers can be seen as account books that do not need an accountant to record the operations or keep them safe. This distributed ledger system and transparency make blockchain systems highly reliable along with complex encryption algorithms. In this system, all the transactions you make are subject to a peer to peer agreement on the operation without letting any centralized institution have control over it.

With blockchain technologies, you can avoid having technical issues with your bank, and also, you can transfer your money without daily or monthly limitations.

This was just a start. Do you want to learn more about how blockchain technologies are going to change your business? Follow our blogs on Archi’s Academy and keep posted weekly!