“Crypto is the future and Blockchain is the driving force behind it”
Blockchain is a potential game-changer that holds the capability to revolutionize the economy, re-engineer the way we manage data, and handle transactions with utmost security. Trust, transparency and security are the significant factors and the secret behind the constant growth of this technology. Blockchain technology provides improved and efficient day-to-day business operations. Blockchain’s ability to integrate with business systems and processes makes it a purveyor of trust and transparency a highly coveted trait for both businesses and consumers.
A key difference between a typical database and a blockchain is the technique in which data is structured. Blockchains are distributed across a network of computers, making the information more secure and less susceptible to unauthorized modifications. Blocks have a fixed storage capacity. Once it is filled it gets closed and linked to the previous block forming a chain. Blockchain maintains a complete history of past transactions within the network, allowing the user to track the data with full transparency. Blockchain relies on the consensus protocol of the network of nodes to verify transactions executed on the network.
A node in the network is stakeholders and electronic devices that maintain copies of the ledger and keep the network running. Blocks in blockchain are connected via a node, which forms the chain. Nodes can be any device such as computer systems, laptops, or even bigger servers.
Blockchain allows records to be kept on multiple computers. Hence,
- Data security reduces data losses from theft, fires, and catastrophes.
- It is virtually impossible to delete or tamper with the implemented records reducing the chances of fraud.
- It promotes transparency and trust with participants as they have unfettered access to records, cutting time and effort.
- It removes the intermediaries as it is a proper peer-to-peer system.
Newrl is a decentralized blockchain built for trust networks. It is a highly scalable, memory-aware, and multi-token blockchain with a rich protocol layer of template-driven transaction types, smart contracts, and DAOs. At Newrl, we aim to create solutions that offer numerous benefits to users. We are building up blockchain ecosystems to connect with a network of suppliers to solve broad business problems related to flexibility and efficiency. The advantages of blockchain and the different use cases of the technology are being acknowledged now.
In this era, transparency and data securities are luxuries and blockchain is helping to overcome this problem in cryptocurrency. Numerous features are becoming a part of blockchain technology that allows users to trust its transparency. We are unraveling new use cases for blockchain technology constantly. With the adoption of less energy-intensive consensus mechanisms like Ethereum, blockchain is getting closer to environment-friendly blockchain implementations to drive further adoption.