We heard a lot about Blockchain and how it can revolutionize the world around us. The application of cryptography proves to be more worthy than it was deemed to be. Now the application is breaking all the limits and expected to be applied in many fields.
But let’s just stick for digital currencies. Bitcoins, Zuflocoin, and many other cryptocurrencies are not only existing but thriving as well. In this post, I will provide you a simple explanation that will help you in understanding the work of blockchain. Let’s get you started,
Blockchain: A Huge Potential
A Blockchain is a distributed database system which is like a ledger bookstore amounts and transaction. It's like digital information that was distributed but not copied its created main type of important support of internet and its give every report of the database. So it is impossible for anyone to change information about the past records.so this technology is safe and secure by design.
Why you use the blockchain
Blockchain technology works 24*7 which means blockchain transaction technology process is very fast.
For example, when you send the transaction to traditional banks you know it takes so many days to complete our transaction. This is because of protocol in bank transferring software as well as the fact that financial institutions are only open during working days/hours five days a week. you also have financial institutions located in various timezone all around the world which delays processing time. So in this case blockchain runs, 24*7you don't have to worry about our transactions, you can do it anytime anywhere.
This is the better way of using the internet that has more benefits. The blockchain is not stored in any single platform, meaning the records it keeps are truly public and easily checkable at any time.
For example, in the stock exchange stock market there is a typical delay of 3-4 days for settlement of stocks so trading stocks on a blockchain are more cost-effective and provide instant settlement
In real estate property tiles, transaction and historic value can be managed into the blockchain provide transparency and reducing the time and cost associated with real estate transaction.
As you remember blockchain allows you to order transaction without any need for a third party, which is like a bank or a central server. See the intermediary is absent, then you do not keep it, which allows getting rid of impressive items. And it reduced transaction costs.
Who will use the blockchain?
you don't need to know about the blockchain for it to use in your life. Currently, finance offers the strongest use cases for the technology international remittances, for instance. The world bank estimates over$430 billion US in money transfers were in 2015. And the moment there is a high demand for blockchain developers.
The blockchain cuts out the middleman for these types of transactions. Personal computing became accessible to the general public with the invention of the Graphical User Interface which took the form of a “desktop”. Similarly, the most common GUI devised for the blockchain is the so-called “wallet” applications, which people use to buy things with Bitcoin, and store it along with other cryptocurrencies.
Talk about wallet
you can use blockchain as a money wallet Wallet has some awesome features that you can use to get a completely great experience. It helps with grouping and sorting your expenses and income. For anyone who loves an eye-catching design that color-coding factor is amazing. It’s like taking a highlighter to your finances, Wallet is very powerful. There are a lot of awesome features for you to search. But honestly, some of the favorite aspects of this app are how seamlessly it fits into your day-to-day. Wallet lets you see your balance from the home screen on your phone, which is awesome if you just want to get a quick check on your balance. The wallet is the financial planner that helps you plan your budget, so you stay in control. Actively plan, manage and get a report concerning your finances, together with the people you trust, across multiple currencies and banks. Upload your Loyalty or Reward cards too. Keep full control of your finances. Tracking your money just got easier. It’s all about getting things under control now so that you can make wise decisions and plan for the future - a month, a year.
WHAT MAKES WALLET UNIQUE:
Automatic Updates of the bank - Transactions are automatically and securely update with your bank, smartly categorized into your budget. With 3,500 participating banks worldwide, you’ll save loads of time not having to pay any penny.
Imports or Manual Updates of banks - You can now import all your transaction data from sources of your choice to Wallet so you will get a full report. Be it from your bank or your own ledger books.
Flexible Budgets - Your budgets help you to plan & save money for the future. Whatever it is you need to accomplish, from paying off debts to buying a car or saving for retirement, Wallet offers to meet your goals and cleverly react to any changing financial circumstances.
Insightful reports - Easy to understand graphs and financial overviews give you better finance insights about the state of your finances, across bank accounts, credit and debit cards, debts and cash. You can get your income & expenses report.
Sharing selected accounts - Selected accounts can be shared with family, friends who need to cooperate on a budget. Everyone can help from any platform, whether it be Android, iPhone or the Web. List of other features: Multiple currency support, Automatic cloud sync, Receipt and warranty tracking, Categories, and templates, geo-mapping transactions, hash-tagging, Shopping lists, Exports to CSV/XLS/PDF, debt management, PIN security, Standing orders, notifications, money tracker, report and more.
HOW TO START USING WALLET
1. Download the app
2. Sign In
3. Get going: budget and track expenses like a master!