Global Market Research Company US Global Blockchain Market Forecast & Opportunities, | Page 12

Product Overview
Bitcoins don’t have actual physical existence but the can be used as currency. The number of vendors accepting
bitcoins are increasing with the increase in awareness about the cryptocurrency.
The transaction which takes place two parties undergoes verification process will done by ‘miners’, which
ensures that the transaction is between existing accounts of the parties on the network. So that there is no
case of fraud.
Once the block of transactions is verified by a consensus of miners, it is added to a publically available
‘distributed ledger’ in chronological order , and cannot be reversed or changed, and is immutable.
The cryptocurrency bitcoin is generated by mining, and 12.5 bitcoins are generated as a reward or incentive for
mining (maintaining a server and verifying the data). Mining is expensive process as it consumes huge
computing power, resources and electricity.
The public block chain is the most widely used but consumes a lot of electricity and time, Using a hard fork
miners have been able to increase the size of the block and increase the transaction fees. The private
blockchain are much faster in nature and can be customized as per requirement of the business, companies like
IBM provide blockchain as a service. This help various organizations to adopt the blockchiain technology for
their business operations.
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