Things To Know About Blockchain Philippines Technology

Blockchain Philippines

Blockchain Philippines technology has been dominating headlines in the recent past. This technology has been around since 2008. The original purpose was to create an accounting method for bitcoin, which is a virtual currency that was launched in 2009.  In the past 10 years this technology has developed into something greater than expected, because it is being used and explored in a variety of sectors. It is rapidly disrupting industries such as shipping, energy and healthcare.

A blockchain refers to decentralized, digitized and distributed cloud-based public ledger for all transactions, which makes use of the proof concept method for verifying every transaction. It is a complex mathematical equation that takes considerable time as well as energy even for the smartest computers to solve.

The idea behind blockchain Philippines technology is that each information exchange is verifiable and unique.  The information in the blockchain moves between several nodes as it departs from the sender of the information to the receiver. Every node only knows the origin and destination of the information, something that makes all transactions complete and secure. Whenever the information moves from one node to another, the proof of concept algorithm concept is executed, something that ensures the integrity of the information in the blockchain. This ensures the validity of every transaction.

In simple terms, blockchain technology is a method of recording and confirming transactions where instead of a centralized platform, the participants have a complete record of the transactions through peer to  peer verifications of the transactions.  Since it is a decentralized system, blockchain allows parties that are involved to establish any form of agreement without the need for a middleman, including public accountants, lawyer, government institutions and notaries.

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