Blockchain is a technology that has grown at an incredible pace. When Bitcoin was started, blockchain technology was limited to cryptocurrencies. Today, more industries are inspecting the benefits that come with this technology. Marketing is one of the industries that is gaining hugely from blockchain. This technology is solving major glitches that have been facing the marketing industry.
Moreover, every business wants to set up a strong online presence in today’s highly competitive digital market. As such, businesses want to ensure that they are ready with their marketing strategies. This is where blockchain is useful as a technology that can change the marketing and advertising industry. Blockchains can be programmed in most of the programming languages from which you can choose from i.e. C/C++, Java, Python, Solidity, etc.
Understanding Blockchain
Blockchain is comparable to a database. Blockchain is made up of multiple blocks that are linked to each other to form a chain. Each block has information stored in it. The information stored can be shared with desired users in a peer-to-peer (P2P) network.
Blockchain is protected using cryptographic technologies to prevent unauthorized people from interfering with the data. The data stored in the blocks stick to a set of algorithms based on consensus. This means that once data is stored by mutual satisfaction, no users are allowed to edit, delete or add data in the blocks.
Whenever a transaction is made, be it contractual agreements or exchange of money or information, the transaction is done as a block. The block has to be approved by all users within the P2P network and upon validation, a lasting digital record is established. Once validated, the block is added to the chain.
The technology behind blockchain has made it fully verifiable and transparent. It lacks a single point of failure or control and does not have a central point of authority. Thus, transactions made using this technology are fully transparent and secure.
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