Blockchain technology has undergone tremendous growth in the past few years. Looking at its popularity, people who don’t know about cryptocurrencies are looking for ways to invest. However, users need to first understand its underlying features, before interacting with the blockchain technology.
Many features of blockchain make it ideal for cryptocurrency and other digital transactions. However, there are many features of blockchain that retail users and traders don’t know. Let's dig in.
It is possible to send bitcoins to people who don’t have a bitcoin wallet through SMS or e-mail. After sending bitcoins through e-mail, the recipients receive a notification on e-mail informing that the bitcoins were sent. However, to receive BTC, they will need to open a new wallet.
Blockchain.info allows its users to send bitcoins to multiple addresses in a single transaction. The feature is available on blockchain.info under the “Send money > Custom” option. It is highly useful for businesses with many subscribers as they don’t need to send bitcoins to every subscriber separately.
As blockchain allows people to track bitcoin transactions easily, it is essential for some users to hide or make them difficult to trace. CoinJoin is a method that enables users to combine multiple payments into a single transaction, which makes it difficult for the third parties to identify who paid whom. Unlike other privacy solutions, CoinJoin does not require any modification to the bitcoin protocol.
Organizations deal with plenty of confidential data that can be accessed by only authorized persons. To maintain confidentiality, and allow access to specific persons, blockchains have the feature of permissions. It protects the blockchain networks from the possible frauds by restricting people to participate in the network. Members of permission networks can participate through invitation and are validated before they are given access to a network. Not all systems, but some blockchain networks are allowed to make them safe and secure against unauthorized access and frauds.
To sum it up
Using blockchain in its full potential allows people to radically transform the way they do things by providing a standard architecture to address different business challenges.
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