What is blockchain technology?
Blockchain is the decentralized, distributed ledger technology that allows digital information to be recorded and distributed in a business network. In blockchain technology, digital information cannot get edited. It is an open-source technology that stores transactional records known as the blocks. In this technology, each block in a chain contains multiple transactions.
Whenever any transaction adds to the chain of the participant ledger shows a new transaction that happens in the blockchain. Every transaction in the blockchain requires the digital signature of the owner. Therefore, it creates a secure network.
If any changes occur in one block in the network, it shows something done with the network. If hackers want to hack the this system, they have to make the necessary changes in all the blocks.
Why B-chain technology has so popular?
Blockchain avoids the involvement of third-party like brokers and bankers. Let’s suppose your client wants to transfer money to you through online banking. You have to log in into account and transfer your money to clients’ accounts.
When the transaction gets completed, you will receive a notification from the bank. This procedure is quite simple. But it is not a risk-free option. Your transactions can be hacked easily due to the involvement of a third party.
Blockchain makes this procedure simple and secure by discarding the interference of a third party. Therefore, blockchain saves a lot of time and money.
What are the advantages of This technology?
- It is highly a secure network. It is a secure network because it uses a digital signature for the transactions. Therefore, it is not possible to change the data in the block in the network.
- It ensures greater trust. You become assured that the only members to whom you have granted access can share the data.
- It doesn’t work under any regulation like a government or bank. The transaction happens directly between the parties. Therefore, they don’t have to wait for anyone to come and approve the transaction.
- It has the potential of automation capability. All the digital transaction happens digitally that involves programming and algorithm. Hence, it makes the whole system reliable and secure.
Is blockchain technology transparent?
Blockchain technology is transparent and secure. Due to the decentralized network, all the transactions are available to everyone. Every transaction is transparent. And you can view it either by having a Personal node or blockchain explorers that allows anyone to see the transactions.
If the bitcoins are lost or stolen in the past can be easily traceable. Whenever hackers spend or move the bitcoin, it can be detected. If you are looking for a transparent and secure option, Blockchain technology is a great option.
This technology is one of the popular technologies that provide secure and transparent transactions. Unlike every technology, Blockchain technology has it is black and white.
Many industries have implemented blockchain technology into their working operations like healthcare, banking & finance, property records, etc.
On the flip side, This technology has some disadvantages high technology cost, speed inefficiency, illegal activity, etc.