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Blockchain technology is a decentralised, distributed ledger that helps in maintaining the record of all the digital asset or transaction. Its design is inherent and cannot be modified that makes it appropriate for industries such as cybersecurity, healthcare and mainly the payment or financial sector.

In other words, blockchain technology is just like a database where it keeps the record of all the transactions that took place in a system. Blockchain differs from the typical database in the way it stores information. It refers to a specific type of database that uses a decentralised method to record transactions.

Blockchain stores data in chained blocks. This chain is created in chronological order as after one block is filled with data it is chained onto the previous one. In this article, we will try to cover some aspects of blockchain technology and the information that you should know about it.

What do you mean by Blockchain?
Blockchain technology is a decentralised database, which records data in blocks that are chained together.

When we talk about a database, then you should know that it is a collection of data, which is recorded systematically on a computer system. Data in databases is usually structured in table format to enable better search and filtration for a specific piece of data.

Many businesses need to keep all the transactions and information safely. So, this information is usually handled by a house team or passed by third party holders like bankers, lawyers and brokers.

These mediators increase the time cost or both for the business. However, blockchain technology eliminates this long process and makes transactions faster and less time-consuming.

The decentralised blockchains are fixed which means you cannot change the data you have entered into it. In the case of Bitcoins, the transactions are recorded permanently and anyone can view them.

What makes Blockchain technology more popular?
Various reasons make Blockchain technology more popular. Some of the reasons behind the popularity of blockchain technology are the rising requirements and increasing popularity of bitcoins. You must have heard about bitcoins that are a kind of digital currency, which is best on blockchain technology. Though, blockchain technology can be utilized all over different platforms and industries. Some reasons for this popularity are:

Increased security
Blockchain uses a digital signature feature to initiate transactions, which can avoid frauds, which makes it impossible to alter or change the information of a person by other users without completing the specified digital signature.

Decentralised system
In earlier methods, a person should get approval from authorities like banks to proceed with a transaction. However, by utilising blockchain technology you can initiate a transaction with the mutual consensus of individuals, which further leads to a faster, better, and safer transaction.

The capability of automation
Blockchain technology is a programmable technology and assists in creating systematic events, actions and transactions. These transactions can be only processed after completing the needed criteria to do a payment.

What consist of Blockchain?
Blockchain technology, generally include three important components that are blocks, mining and nodes. We are elaborating these concepts under this head.

Blocks
A block is a place where data is recorded, each chain contains various blocks that are chained together. In a block, there is nonce which is a 32-bit whole number created at the time of block-creation. It also creates a block header hash.

When the first block of a chain is created, a nonce extracts the cryptographic hash. The data in the block is signed and tied to the nonce and hash until it gets mined.

Mining
The process of feeding details about transaction to the public or private Ledger is called mining. The person who adds these details is called a miner. This term is generally related to bitcoin but it is also referred to as other blockchain technologies. Undermining, the hash of a blog transaction is generated that is tough to modify and makes a safer blockchain system.

Nodes
The most important aspect of blockchain technology is decentralisation. The chain in blockchain technology is distributed by nodes, which are connected to the chains. Node is an electronic device, which has copies of blockchain and assists the network to function properly.

This node has its copy of the blockchain and the networks are algorithmically approved by the mined block for the chain to be upgraded, trusted and verified. Due to the transparency offered by blockchain, each transaction is recorded, checked and viewed.

To conclude
The concept of blockchain technology refers to the list of blocks that have been used in cryptocurrencies. It has gained traction with the rising popularity of digital currencies like Bitcoins. It records all the transactions in blocks for a safer and faster payment process.

The market of blockchain technology is surging owing to the aspects like increasing popularity of cryptocurrencies. Though, the stringent rules & regulation by government authorities are restricting the growth of the market over the forecast years.

Never hold on to a particular phone
If you are trying to sell a furbished phone never hold it on for a very long time as the price can reduce with time and there might be even more service charge or maintenance that you need in order to maintain the phone. Also, it would be used by any yet labeled as used because it was kept there for a while.

Each day new models under so many brands keep on coming and so one cannot take the risk of holding on to a particular phone to get a greater profit margin.

Pricing
The pricing of a furbished phone is always lesser than the original price of a new mobile phone of any brand. Hence, keeping the price the same or high as the original price of a brand-new mobile phone won’t get any buyer’s attention to your furbished mobiles. One has to decide on a price depending on the phone‘s condition as it is a furbished phone that is a partially new phone and considering if there are any minor defects in the phone and for how long it was with its first owner. The price is decided on all of these factors hence pricing has to be decided while you sell a furbished phone.

Warranties
Keeping all warranties in place of the serviced phone will give you a lot of profit or advantage because every mobile phone that is new has a warranty and so does of the furbished phone. If there are any defects or anything that happens to the phone it can be covered under the warranty as per its conditions that are mentioned in the warranty of the specific mobile phone or whatever is the brand. Therefore, warranties are a big factor that grabs buyer’s attention towards your furbished mobile phone.

Detailed information
Always give detailed information about the furbished phone. Information can include about its first owner and how the phone used and returns for whatever reasons were. What minor defects does the phone have physical or internal a lot of things regarding the phone have to be considered before you sell a furbished phone to know it completely. Also, mention its features though using the phone won’t change the features or make any difference in them but yet mentioning about them is always a plus point.

History
Every phone has a history of the manufacture and source of coming. Always maintain a detailed history about the furbished phone as the customer who is looking forward to buying the furbished phone May want to know about it. To know that the seller from where they are looking to buy the furbished phone isn’t hiding any special details about the phone that could lead to any consequences in the near future. The history about the phone source and the period it was used and for the reason why it was written is to mentioned And is one of the values of the important factor while or sell off the furbished phone.