Questions Technology

Do you think Blockchain can bring transparency to markets?

Airtract

ram purohit

Tagline Not available

Yes, I do think blockchain can bring transparency to markets mainly because the public is allowed to view the changes that have been made on the ledger of the blockchain. A blockchain is a distributed ledger that is completely open. Generally, with any regular transactions, there is a middle man like the bank that registers the transaction. It is a centralized system where, when a transaction occurs, the information is recorded on a shared ledger or block, and these blocks are linked together to form a blockchain. 


In a blockchain database, every participant or node maintains a copy of the shared ledger. Each transaction on the blockchain is registered in computer code, showing who the parties are, the details of the trade, and time stamp with each containing a rare math-based encrypted signature. This digital signature is key as it allows each block of information securely connected to all the rest. This system provides full transparency and connectedness that lends the blockchain it’s trust and credibility. This connection offers an audit trail of each transaction that’s ever occurred in a system. So, if there is an unauthorized change, each node is notified, and we can see where it took place, and then they either recognize the action as valid or rejected. This makes the blockchain system tamperproof. 

Transaction of the blockchain technology is not monitored by a single entity where it has no single point of the network to have the failure, and it is sturdier for hackers to corrupt. The entire blockchain is only accessible to those who are a part of the chain, and only they can modify it. Blockchain is used to keep track of the progress of goods, currency, food items from the source of origin to the final destination. Any discrepancy can be tracked down. So to answer your question, yes I do believe that blockchain brings transparency to markets.


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