Blockchain is a database that stores data from different transactions. The data gathers and stores by block and it connects and stores continuously to the next transaction which will also form another block of the database. This is a unique kind of data because it cannot be manipulated by any other software or a human being. The information or data on its database is irrevocable, therefore that history of transaction since it started is traceable. The bitcoin transaction is built on a blockchain as the latter is the key to record transactions. Basically, bitcoin as a form of cryptocurrency is powered by blockchain for the fact that it traces data.
Blockchain could work more than its function to bitcoin and other cryptocurrencies. There is a lot more than that. In the near future, it will become even more popular and valuable than bitcoin or others because of its trusted transaction record or network as its data stored is irremediable. To simply say it, it cannot be altered.
Blockchain and the Real Estate
The Real Estate Industry would then a target for blockchain to penetrate. For the longest time since real estate has started, it would be difficult to recover information and listings about buyers and sellers of properties. With the help of blockchain, everything can be very visible in just a blink of an eye because it will provide comprehensive and trusted information for online marketplaces. It would then takes care of control or substitute any intermediaries involved in real estate transactions such as brokers, banks, and lawyers. Thus, making the business transactions less costly.
Blockchain and the Travel Industry
The Travel Industry has already started to make things or transactions better and easier in the world of travel. There are now online travel transactions run by blockchains that trigger the usual online travel businesses. We all know that when we do book travels to the online travel companies, they add up more surcharges or service charges making the price even higher. But with these new kinds of travel businesses powered by blockchain, you will spend less because there will no more charges to be imposed as they will connect directly to service providers such as airlines, hotels, resorts and etc.
The business powered by blockchain will definitely improve the economy because it promotes fast-paced movement and the most trusted business transactions.