Blockchain is no different from a book that stores financial transactions, and what comes in and what goes out. In Blockchain, transactions are managed by a peer-to-peer network and allows for the safe transit of digital information like a block which, contains a cryptographic hash of the previous block along with the transactional data. Because of that, it can be used by two parties to record transactions in a secure and permanent manner.
The blockchain idea was originally created to deal with Bitcoin but it has since grew to cover a whole other uses in a variety of fields. During its earlier stage, the technology faced heavy criticism and debate but after a through review across the globe, people finally saw how the technology can better secure the current system we have now.
Why is Blockchain the latest revolution in technology?
Transparency – Blockchain technology is totally transparent and open to the world. Because the blocks are recorded and added to it in chronological order, users are able to keep track of transactions with ease and no record keeping whatsoever. Compare that to banks who have to record every single transaction in so many different places.
Authenticity – Blockchain information is stored in blocks which are further stored on Blockchain that cannot be controlled by a single person or entity. It simply means that there are literally no chance of failure and as a result, such technology can serve in many applications from business to healthcare.
No Tampering – As the transactions and records are verified every single time they are passed on from one block to the next, there are less or no chances of error. The accuracy of the process protects the data from tampering, making the technology more user-friendly and efficient.
Cost Effective – Blockchain is a cost-effective technology because it does not involve anyone not part of the transaction. It makes the system a perfect choice for not just people or startups but established organizations as well.