Blockchain is a decentralized digital ledger which documents, transactions across a global network of computers where the information is highly secure. Blockchain is used to employ the ledger that allows digital information to distribute in an extensive platform to achieve a faultless smooth transaction process that the world has ever witnessed. Blockchain also preserves the anonymity and security of users involved in the transaction. Information that is in Blockchain exists as a shared database which is continually updated and is called as a Blockchain database.
Blockchain is considered as the synonym for trusted transactions in the near future because of its special features:
1. Augmented Security:
Blockchain enables device networks to protect themselves by allowing the nodes within a given network to separate any nodes that start behaving unusually.
Hackers cannot able to exploit the vulnerabilities as they do in a centralized network because Blockchain avoids the risks of a centralized data system of storing data across its network.
Blockchain has an opportunity in any industry where protecting sensitive data is crucial, by helping to prevent fraud and unauthorized activity in financial services, government and healthcare.
2. Higher Transparency:
It is possible to view their holdings and the transactions that they have carried out in public addresses. This level of transparency didn’t exist within financial systems before, especially concerning large businesses, and adds a degree of accountability that has not existed to date.
Data in a Blockchain is more accurate, consistent and transparent than when it is pushed through the paper heavy processes. It is also available to all participants who have permission to access.
3. Expanded Efficiency and Speed:
Blockchain can functionally improve the efficiency of digital financial transactions by providing a way for individuals and organizations to perform direct transactions without any intermediaries. Transactions can be completed faster and more efficiently by streamlining and automating these processes with Blockchain.
4. Enhanced Traceability:
The ability of finding out where a product comes from and following its route throughout the entire transformation and distribution chain to become easier using Blockchain technology. This historical transaction data can help to verify the authenticity of assets and prevent fraud.
5. Reduced costs:
Blockchain technology can massively reduce transaction costs by removing the need for third parties to manage transactions and keep records.
The Blockchain itself offers digital, decentralized ledger that keeps a record of all transactions that takes place across networks.
The Blockchain technology will soon reach into areas beyond the digital currency movement and begin to affect everything from real estate to entertainment as startups increasingly integrate Blockchain into their business models.
Although we mostly know about Blockchain due to its application in the financial area, the network is currently implemented in the areas like Finance, Government, Healthcare and Education.
“Blockchain technology is coming to replace the old, rotten system of governance around the world. Embrace it!”
– Olawale Daniel