Prescott Regency - Why Your Marketing Department needs to Understand the Impact and Power of Blockchain




Blockchain has been hitting headlines for all the right reasons. It is a public and distributed ledger that maintains the records of all transactions made with Bitcoin. The size of the Blockchain keeps increasing in a chronological and linear fashion. Every node or computer that forms a part of the Bitcoin network, receives a copy of the entire Blockchain, and is automatically downloaded when it becomes a part of the Bitcoin network. The technology records full data about the balances and their source addresses, from the earliest block to the latest completed block.

Proof of transactions

The experts at Prescott Regency have broken Blockchain down for you. Blockchain functions as the evidence of transactions made through Bitcoin. Every time a transaction is complete, a new block is created. The block is then added to the Blockchain's permanent database. After each block is completed, the creation of another new block takes place for a fresh set of transactions. The blocks are connected to one another in the form of a chain. Every block has a hash of its previous block. Thus, there is a proper trail, which can be followed whenever needed, to track the original block.

It is also important to understand that the technology acts like a distributed database. Now, that signifies that its copy exists on several servers and devices around the globe. Every transaction has a time stamp that is verified by many users. The transaction is then encrypted to ensure the formation of a highly secure system. There is no one central computer, no one party in charge, or government or financial institution present to control it. There is little doubt why many regard Blockchain as a revolutionary technological innovation.

Why is it crucial for marketers to know the importance of Blockchain?

Factors such as authenticity and privacy are increasingly becoming an issue in every digital transaction that gets completed. If you are into online selling of your services and goods, it is extremely important to find out new and exciting ways to prove to your customers that they can feel completely safe while doing business with you. The blockchain is a vital technology that you can deploy to include an extra layer of security for all your online transactions.

However, what is even more crucial in the marketing arena is complete transparency in dealings. Consumers may want to know more about where the goods are sourced from, as well as the environmental and humanitarian impacts the goods have while being produced. These are some of the areas where Blockchain implementation comes in hand.

If you want to get in touch with the experts, visit Prescott Regency today.
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