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It has likewise profoundly affected every other industry out there.

In any case, in spite of the way that they’ve been around for over more than 10 years now, there are still a few misconceptions and misguided judgments about blockchains – particularly among people who are new to the blockchain.

‘ Blockchain = bitcoin ’

Usage of blockchain is limited to cryptocurrency

Every transaction in blockchain is Anonymous

Smart Contract is equivalent to legal contracts.

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Blockchain system has evolved, from solving problems to keeping up with future development, the cycle has not ceased.

The reason it has become a huge success lies in the nature of this system, where it is consensus based and works without intervention of any authority.Libonomy is one of its kind blockchain that has achieved the goals of innovation and creativity with great success.

The kind of innovation it advertises attracts and reaches out to masses that have the knowledge that the system is fulfilling its role of greatness.

The specialty of Libonomy Blockchain is that it does not use the previous consensus algorithms that have been used for a very long time.

The data regarding the capability of how far the nodes are willingly taking part in the blockchain is gathered as well as the speed of the transactions and communication is gathered, all this information is combined to understand the nature of the nodes in the respective system.

Once, the analysis is completed the data is transferred to the algorithm which then classifies the information depending on the nature of the nodes and assigns a pool to each one of them.There are four different types of pools.

Blockchain most hot topic nowadays.

And that's mainly because it's the most important part of the famous crypto-currency in the world - the Bitcoin.

Many businesses and industries are part of the blockchain.A blockchain is an excellent form of DB storage system, which uses records to store data or huge amount of information.

Advantages of Blockchain TechnologyFlexibilityTransparencyEfficiencyTrustBlockchain has a great impact on the market in every industry but finance and insurance are the biggest key areas.

The transaction will become much easier with the use and development in a smart contract.The insurance sector has huge benefits from Blockchain.

Claim settlement will get so easy with blockchain without any fraud claims.

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How you can utilize blockchain technology in your business  For processing transactions - It helps in the fast and safe transfer of funds.

It eliminates the role of middlemen such as banks and brokers in the process.

It can also be used to handle the payroll records of employees.

For storing data and records - Cloud storage facilities can be provided to your customers that are automatically encrypted, convenient and secure.Implementation of smart contracts -  It helps in bypassing stringent regulations and cuts down costs involved in the execution of various tasks.

These contracts are tamper-proof and unbreakable.

It brings auditability and transparency based on agreed terms and conditions.For notary purpose - It helps in easy notary creation for authentication.

Did you realize that the terms blockchain and Bitcoin aren’t synonymous?

To put it another way, it’s an open, distributed ledger (database), which means the information stored in the blockchain is distributed (duplicated) among multiple computers and hence decentralized.

However, Bitcoin is only one type of cryptocurrency; blockchain technology also powers other cryptocurrency networks.

Moreover, it was unusual because it tackled a prevalent problem in digital currencies: “double spending.” This guarantees that each Bitcoin is one-of-a-kind and cannot be duplicated.

Because all Bitcoin transactions are immutable and confirmed by a network of independent miners, you always know where your money has gone.

While blockchain was created for digital money, it is currently being used for smart contracts and tracking items along the supply chain.