Oct 17, 2023
In 1990, Stuart Haber and W. Scott Stornetta found a way to place a timestamp on digital documents. That was the start of what we now know as blockchain.
16 years later, the most prominent application of blockchain made its debut. Bitcoin came out in 2008 as the first-ever digital cryptocurrency. The consensus is that Satoshi Nakamoto created Bitcoin, but that’s not a conclusive fact.
Over time, the creator of Bitcoin became far less important, as blockchain tech grew into a global entity of massive proportions. The user base increased exponentially, and so did the possible applications of blockchain.
At this point, you must be wondering what is blockchain, and how to access the crypto marketplace. All the answers are right here!
How Does Blockchain Work?
A digital block refers to a file, with a unique address, that contains live information on a certain entity. This block has sealed data of its creation and every single transaction anybody performs on it. It’s tamper-proof, and no single entity can alter the contents of any block.
As the data block changes hands in a buy/sell exchange, a cryptographic hash is created. It gets a timestamp along with all the transaction data. This new data block is added to the initial file or data block, and hence a chain is formed. We refer to this as a blockchain.
Blockchains are safely stored in decentralized servers distributed all over the globe. And any attempt to tamper with a single block in any transaction automatically alerts the network, and the surrounding nodes would reject this non-conforming block.
Contrary to that, a sound transaction happens when the nodes verify it and then mine a new block. A hash is added to the block and makes it ready for broadcasting to the network. It’s now visible to all users.
What Is Blockchain Used For?
Other mind-blowing projects include Hyperledger Fabric, Ripple, and VeChain. These platforms are more specialized in supply chain management, enterprise exchange, and more complex financial transactions on a global level.
Here are some of the popular uses of blockchain.
Finance and cryptocurrency: The need for a secure easy method for financial exchanges and storing value is huge. Blockchain is the logical answer for both ease of use and security, in addition to a variety of other perks.
Healthcare: Storing and handling medical data was always a big issue for healthcare workers, insurance companies, and patients. There’s a large amount of confidential data that’s constantly changing and getting updated, yet, there’s no way to control it in any meaningful way. Blockchain is the answer.
Intellectual property: This is another contentious area where traditional methods of data storage haven’t been too efficient. Blockchain can easily regulate all the processes of creating and tracking intellectual property.
Art and Collectibles: Forgery and multiple sales of a single item are close to impossible with blockchain. This is what prompted the unbelievable growth of NFT markets.
Supply chain management: Tracking the production, transport, delivery, storage, and selling of any product is an extremely complicated matter. Errors constantly happen causing delays, unnecessary financial burdens, and ledger mishaps. With blockchain, supply chain management becomes far more streamlined and transparent.
There are many other applications for individuals, enterprises, as well as private-public partnerships. The near future promises significant expansion in blockchain use cases and popularity.
Why Should You Consider Using a Blockchain Platform?
Individuals all around the world can trade in crypto, make direct financial transactions with others, buy NFTs, earn cryptocurrency rewards, or even borrow money with Bitcoin as collateral. They can do all that with a few clicks on a PC or smartphone.
However, such users need to be on a secure platform that allows them to perform all these actions and more. It’s their interface to the crypto world.
One of the best platforms you can work with is Bridge Trust, which caters to all the cryptocurrency exchange needs of users. Here are some of the reasons why joining a blockchain platform is beneficial to you.
In a world where hacking and identity theft are common occurrences, security is naturally a common concern among the vast majority of people.
Multi-signature wallets, 2-factor authentication, and cold storage are among the leading-edge cybersecurity measures that guarantee problem-free transactions.
One-Stop Shop for Crypto Needs
Cryptocurrency services aren’t limited to buying and selling Bitcoin. Users can also trade NFTs, earn crypto rewards, store their cryptocurrency, or even build a private blockchain.
The one-stop-shop model naturally saves time and effort. But what seals the deal is the availability of educational services. Crypto is a new concept that we’re all still trying to understand and utilize. So finding that kind of support along with the services is a huge plus.
Buy, Convert, or Send/Receive Assets
Real money is still the main method of financial dealings, but cryptocurrency is consistently catching up. It’s great to have a smooth route from traditional money to Bitcoin and back.
Users build crypto wallets on the platform wherein they can deposit, send, receive, or convert assets. The whole process is easy and secure.
Regulated & Audited by Nevada FID
Nevada Financial Institutions Division (FID) is the regulatory body that monitors and audits Bridge Trust along with other cryptocurrency platforms. With such strict measures, transparency and compliance are guaranteed. This contributes to the dependability and trustworthiness of this platform.
At this point, everyone is expecting further advancement in the blockchain field. DeFi, or decentralized finance, is in the lead.
This system allows individuals to deposit money, borrow, sell, buy, or store assets in non-traditional banking venues. Thus, individuals can override the complexities, extra costs, and shortcomings of banks.
Other fields are quickly embracing the versatility and efficiency of the blockchain. This includes real estate, identity management, and even gaming. As the technology develops, so would the available applications and user platforms.