Thread: Why we need BLOCKCHAIN ??

To understand the problem with the existing system, let's first examine the traditional methods of money transfer.

• When a buyer wants to send money to a seller, the buyer and seller must have an account with a bank and both parties must trust the bank (a third party because it is not involved in the transaction) to maintain sales.
• The buyer will send a request to transfer money to the bank on behalf of the seller.
• The bank will not physically transfer money to the seller, but will take advantage of this transaction in its general ledger. This great book is only available with the bank, which is located in the center.
• The bank will deduct the amount from the buyer's account and credit it to the seller's account.

​Traditional-Money-Transfer.png

It sounds good, but if,

• The transaction data is changed by a person or by banking software, intentionally or by mistake.
• The centralized registry is corrupt.

The solution to these questions is BLOCKCHAIN. The author Satoshi Nakamoto published in 2008 a document on the transfer of digital money between pairs (called bitcoin) with a system without trust. Blockchain is the technological term behind the implementation of the bitcoin network.

Originally Posted by Shivani

Though Blockchain provides tremendous business value, it is not a silver bullet for all business problems, so it does play an important role!

Yes it is, it become one of the most imporant fact in bussiness.