UPBOX TECHNOLOGIES BLOCKCHAIN
UPBOX was created from the union of the 3 most modern DeFi technologies existing in the world at the time of its creation: BLOCKCHAIN.
WHAT IS BLOCKCHAIN?
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets across a business network.
An asset can be tangible (a house, car, money, land) or intangible (intellectual property, patents, copyrights, brand). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for everyone involved.
WHY IS BLOCKCHAIN IMPORTANT?
Dusiness runs on information. The faster the information is received and the more accurate it is, the better. Blockchain is ideal for providing this information because it offers immediate, shared, and observable data that is stored on an immutable ledger that only authorized members of the network can access. A blockchain network can track orders, payments, bills, production and more. And because members share a single view of the truth, you can see every detail of a transaction end-to-end, giving you greater confidence as well as new efficiencies and opportunities.
DISTRIBUTED LEDGER
All network participants have access to the distributed ledger and its immutable record of transactions. With this shared ledger, transactions are recorded only once, eliminating the duplication of effort typical of traditional networks.
IMMUTABLE RECORDS
No participant can alter or tamper with a transaction once it has been recorded on the shared ledger. If a transaction record includes an error, a new transaction must be added to reverse the error, and both transactions are then visible.
SMART CONTRACTS
To speed up transactions, a set of rules called a smart contract is stored on the blockchain and executed automatically. A smart contract defines conditions for corporate bond transfers, includes terms for travel insurance to be paid, and more.
