Googling About Blockchain

Abstract

Modern technology allows people to communicate directly using voice and video calls, emails, instant messages traveling from one device to another. Communication is done by maintaining trust in each other without a third party, no matter how far away they are. But when in a communication between two points, it is needed to make a transaction, then the procedures require the trust of a third party to establish trust such as a law firm or a bank, resulting in high costs, fraud, and inefficiency. Blockchain technology is coming to change this regime radically. Blockchain using mathematics and cryptography provides an open and decentralized base of data in each transaction that contains a value such as money, goods, real estate, work, or even notes. Creates a log for each transaction which the whole community can verify. The blockchain combining cryptography and distributed computer systems provide secure, direct peer-to-peer transactions without the need for third parties.

JEL Classification: O33