What is the Need for Blockchain?
- Blockchain will enhance the reach of businesses
- It will ensure swift transactions
- Blockchain highly restricts fraud
- Blockchain is reliable and transparent
- Immutability
- It is Cost-effective
- Healthcare
- International money transfer takes less time and fees
- Product tracking
The distributed ledger technology used in blockchain offers multiple benefits to businesses that make a difference when implementing a solution that requires a high degree of trust for business transactions.
Blockchain cannot process transactions faster because it doesn’t use a centralized infrastructure and also because it uses 256-bit encryption. The distributed nature of blockchain provides a huge level of trust. The unchangeable property of blockchain and its public availability among its users, whether in a public ledger or a private one, provides transparency. Any user of the system can query transactions on a real-time basis.
In short, by adopting Blockchain people across the world can say goodbye to the middleman, and dependence on banks, legal agencies, and hackers.
Blockchain in Brief
Blockchain is the technology that covers digital currency (like Bitcoin, Litecoin, Ethereum, and others). This technology allows digital information to be distributed and decentralized, but can’t be manipulated. That means each data piece can have only one owner but many holders of the same data. It is a distributed immutable ledger that is completely transparent, decentralized, and immutable.
Blockchain is a block that is a record of new transactions. When a block is completed, it’s added to the chain. So, Blockchain is a way to save data and make it immutable. That sounds great, but the big question, of course, is: how does that work? The work is quite complex, you can check Wikipedia for this.
Table of Content
- What is the Need for Blockchain?
- Uses of Blockchain Technology
- Blockchain mining
- Why it is almost impossible to hack the blockchain?
- Future of Blockchain: