What are the Scalable changes in Blockchain Protocol

November 21, 2018 Simon Hopes | Comments Off

Introduction

Here we are studying about what are the scalable challenges in blockchain protocol? You may not be able to know about this mysterious thing known as blockchain. Yet you won’t incur the sin of making any mistake even if you do not know the meaning of this technical jargon that has been framed by experts on the international level. If you want to know what is cryptocurrency then you will have to get acquainted with the technology of blockchain. This is because such technology has the caliber to change the world in a unique way. Let us discuss it more.

Blockchain is better than ledger accounts

It has been realized by many experts that blockchain is better than ledger accounts. It is the leader of those transactions that are done on the digital platform. This technology is not like traditional ledgers that involve the record of sales and purchase done during hundred years. This digital ledger is very different from traditional ledger because it simply shows the record of debit and credit transactions between various people. This is the basic concept that lies behind blockchain. Yet the difference is about the people who do and check the ledger transactions.

How are blockchain transactions done?

When you study traditional ledger transactions having blockchain protocol you will see that one person pays the other one with the help of some middleman. Take for example if I want to give or pay money to you then I will pay you money in cash form directly. I may even make use of some other banking tool to give or transfer money into your bank account. Thus you can conclude that in blockchain transactions involve some kind of banking intermediary. They help in digital money transactions by allowing digital money transfer. In these transactions, the bank decides how to make money payments and record them in digital ledger form. You can conclude that when it comes to making payments by cryptocurrency the bank holds the liability to record digital money transactions.

Who holds the greatest responsibility?

You may ask who holds the greatest liability to allow blockchain transactions run in a smooth phase.  It has been seen that the bank is liable to allow these digital ledger transactions run in a successful mode. This will help to prevent money theft and robbery. It will also stop fraud persons to embezzle money while doing traditional transactions in ledger form. It was known that during a financial crisis in the year 2008 government authorities made the system of blockchain money transactions for paying and receiving money in a safe form. Blockchain has one greatest advantage; it helps in avoiding decentralization of money. It uses the bank as money clearinghouse. Thus the bank is the greatest entity that checks ledger money payments in digital form.

The Final Summary

The current article informs readers about the importance of blockchain transactions. If you want to record ledger transactions in digital form then you can use the above given and mentioned concept for paying and receiving money in smooth phase.