Blockchain technology is gradually transforming peer-to-peer interactions in the digital world, disrupting traditional processes across almost all industries.
Blockchain technology is a distributed ledger that eliminates information and data manipulation, while providing unparalleled transparency over an individual trade by making the accounting in any given transaction reviewable, and therefore public.
All parties involved can access the blockchain, which updates at specified intervals, for instance, the Bitcoin blockchain updates every ten minutes. This minimizes data or clerical issues usually encountered in manual processes. Blockchain technology, via automation of processes and protocols, removes the middleman or trusted third-parties. Companies and businesses are then afforded lower costs in reduced transaction fees and assurance that the most efficient track between end-user and end-user is achieved.
Blockchain platforms typically, if not allow, have their own Graphical User Interface in the form of a wallet application. Consumers use wallets in order to purchase items and exchange cryptocurrency, perhaps in exchange of Bitcoin and other cryptocurrencies.
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