, 2022-11-18 23:30:00,
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Blockchain is a distributed database that is shared among the nodes of a computer network. The data is stored in a digital format electronically on the blockchain. Blockchain has been constantly linked to cryptocurrencies. Despite the links, blockchain has expanded its use-cases.
Started in 2008 to facilitate Bitcoin transactions, blockchain has witnessed immense growth ever since. Blockchain was created to transact value. It has seeped into different sectors and has provided different use cases. The technology is said to be one of the building components of the Web3 technology that is highly anticipated by the current Web2 users.
Blockchain has become huge due to different reasons, one of them being transparency. The technology has been actively used in the storage of personal information, tracking provenance of a particular goods or object, etc.
“Open finance is a major sector where blockchain has started making waves. There are many products out there that provide much more transparency. They provide similar functionalities with lending or borrowing or whether that is remittance or exchange of value. The traditional finance system could be made a lot more transparent, made more secure due to the multiple use cases out there….
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