Is Blockchain the Latest Revolution in Technology?
What exactly is it?
Blockchain is like a digital ledger to store financial transactions, similar to a book that contains what comes in and what goes out. Unlike a traditional ledger, the digital one is much more vast and secure with no intermediaries involved.
In Blockchain, each block contains, but isn’t limited to, a cryptographic hash of the previous block along with the transaction data. It can be used by two parties to record transactions in a secure and permanent way. It is managed by a peer-to-peer network and allows the safe transit of digital information.
Why is Blockchain the latest revolution in technology?
Blockchain technology was originally designed to deal with Bitcoin but now has become the talk of the town, a revolution. During its earlier stages, the technology faced heavy criticism and rejection, but after a thoughtful revision, it became more productive, more useful, and more secure. It has now become a practical way to store data in a digital form.
Let’s take a look at some of the benefits:
Authenticity – The information is stored in blocks that are further stored on Blockchain and cannot be controlled by a single person or identity. It simply means that there are no or very fewer chances of failure and the technology can serve as a reliable space for a business transaction.
Transparency – The tech-savvy claim that the Blockchain technology is totally transparent. As the blocks are recorded and added to it in chronological order, the participants are able to keep track of the transactions with ease and without record keeping.
Quality – In the case of an irregularity, a Blockchain system makes it easier for concerned parties to investigate any issue as the system can lead them all the way to its point of origin. The quality assurance makes it an ideal technology for sectors where tracking the origination and other crucial details are necessary.
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.
Agile – In the era when the time is money, Blockchain can play a crucial role by allowing faster dealings. As the system does not require a lengthy process of verification and clearance, it can be used by different industries for closing deals fast.
Cost Saving – Last but of course not the least, Blockchain is a cost-effective technology because it does not involve any third-party. It makes the system an ideal one for both startups and established organizations.
Article Source: https://EzineArticles.com/expert/Avneet_Kaur_Sidhu/1477770
Share This Story
More Stories
Most Read
More Stories
The Canopy: Luxury Apartments Coming To Hilltop In Virginia Beach
Leading the project is local developer The Franklin Johnston Group...
Sonya Z
Meet Sonya Z, a self-taught fashion designer, entrepreneur, and sustain...
Weather
Travel + Leisure Readers Call Williamsburg The 9th Best City
Every year Travel + Leisure invites its readers to take part in a survey for what they call the “World’s Best Awards,” where everything from hotels to
Clear A Stuffy Nose Without Medicine
One of those things you’ll wish you’d learned as a kid.
Virginia Beach Is The 2nd Best City For Work-Life Balance
Researchers at SmartAsset judged the cities on ten metrics, among them housing costs, commute time, unemployment rate, and concentration of restaurants and arts, entertainment, and recreation establishments.
Virginia Beach Is One Of The Best Cities For Black Women To Find Success
Last week we told you about how MoneyGeek concluded that Virginia Beach is one of the best cities in the country for Latinas to find success. Well, according the personal finance site, the same is also true for black women hoping to achieve the American Dream.
Governor Signs Bill Making Electric Cars More Affordable In Virginia
The program provides a $2,500 rebate after the purchase or lease of a new or used vehicle…
Virginia Beach AGAIN Called Best Big City To Live In
The Beach is back on top as the best big city in the US to live in after sliding to 2nd place in 2018.