Blockchain is like a digital ledger that stores financial transactions like a book containing what comes and goes. Unlike traditional bookkeeping, digital one is much more spacious and secure with no intermediaries involved.
In a blockchain, each block contains, but is not limited to, a cryptographic hash of the previous block along with transaction data. It can be used by two parties to record transactions in a secure and permanent manner. It is managed by a peer-to-peer network and allows the secure transit of digital information.
Why is blockchain the latest revolution in technology?
Blockchain technology was originally designed to deal with bitcoin but has now become the talk of the town, a revolution. During its first phase, the technology faced heavy criticism and rejection, but after a thoughtful revision, it turned out to be more productive, more useful, and more secure. It has now become a practical way of storing data in a digital form which is collated from time to time.
Let’s take a look at some of these benefits:
truthfulness – Information is stored in blocks which are further stored on the blockchain which cannot be controlled by any one person or identity. It simply means that there is no or very little chance of failure and the technology can serve as a trusted place for a business transaction.
transparency Tech-savvy people claim that blockchain technology is completely transparent. As blocks are recorded and added to it in chronological order, participants are able to keep track of transactions very easily and without record keeping.
Quality – In case of any irregularities, the blockchain system makes it easy for the parties concerned to investigate any issues as the system can lead them to their origin. Quality assurance makes it an ideal technology for areas where tracking of origin and other important details is essential.
no tampering – Since transactions and records are moved from one block to another every time, the chances of error are low or nonexistent. The accuracy of the process avoids tampering of data, making the technology more user-friendly and efficient.
tight – In an era when time is money, blockchain can play an essential role by allowing faster transactions. Since the system does not require a lengthy process of verification and approval, it can be used by various industries to close deals faster.
saving money – Last but certainly not least, blockchain is a cost-effective technology as there are no third parties involved. This makes the system ideal for both startup and established organizations.
Well! The time has come to understand the technology and its benefits before applying it in any business…