Understanding Block Chain Asset Managers
Block chain technology is one of the most innovative products that have emerged of late. The blockchain system involves transaction which uses online currency. The consequences are huge to the financial sector in the whole world. The financial record is no longer controlled by a specific part of the world but the management process is done at all levels of the network. The digital currency system holds the record of every transaction that happens every time. Just like the traditional banking system cannot operate without recording data arising from transactions so is it for the blockchain technology. The difference between the traditional financial system and blockchain is that the master ledger for the blockchain technology is not held by one holder but by different members of the digital currency network. The blockchain technology system is not at the mercy of any party or even country, but it operates freely.
There are many hurdles that traditional banks have experienced that have made the digital currency much attractive.
It is impossible for this kind of system to collapse due to bankruptcy like is the case for many banks around the world. The system has numerous backups which can assist in case the network of one member of the chain collapses.
The blockchain technology is designed in a way that there are many users of the system that can boost it if it requires being done so. The system of digital currency is designed in such a way that, it cannot experience a shortage of currency as it happens in banks. The payment cannot go through if the person paying does not have enough currency in the digital currency account. There is no third-party who can interrupt the transaction if it did in the right way.
You will note that there are a few messages that you can get when you are transacting. In a case where you have a message you ought to pass to the buyer you can include it and lock it with an online signature. The special information is usually encrypted by putting a digital signature which can only be seen when the buyer opens it by putting digital signature. The process ensures that the payment is only made to only one person and you don’t involve the currency to pay another person.
The information of any transaction is fed into the system digitally, and it can only be accessed by data miners in the digital currency system. These verifiers check whether the information on the transaction is part of the block. The transaction can be canceled if it does not match with the information in the block. You shall have to wait for a few minutes for the verification process. Having people who are validating the blockchain allows the process to flow smoothly without any need for a centralized manager as is the case in banks.
There are people who are looking into how shares trading can be done using this platform.