Blockchain, its an encrypted & distributed database for recording transactions that are recorded independently. The vital feature of blockchain technology is that this digital ledger can be accessed from multiple computers and is not bound to single place. Blockchain technology plays a crucial role in the finance sector. Here, the users can make direct transactions on the web without any middlemen. So, the transactions through blockchain are highly safe and secure as their is no unauthorized access to sensitive information such as personal & financial information. in distinction to traditional approach, Blockchain comes with different shared copies of same database which makes free from cyber and data breach attack. With all these stunning features, Blockchain technology has the future to transform different business sectors and make them secure, sophisticated, efficient and transparent compared to the traditional processes.
What are the key benefits of Blockchain Technology?
- Time effectiveness is enhanced as the transactions are real-time.
- Transactions are direct without any middlemen, which removes the overheads and intermediary costs.
- There is no risk related to frauds, cyber-crimes and tampering.
- Transactions are more transparent with perfect tracking and record creation.
- With cryptographic and decentralized Blockchain protocols, the technology is highly secure.
Uses of Blockchain Technology
Blockchain technology was developed to make digital stamp but its further sophisticated as a technology for cryptocurrencies.
Today, blockchain technology is a vital step in Banking, Production, Healthcare, transportation, gambling in Bitcoin Casinos, and also assists in supporting land records, Government records, and more.
Example, The government of Saudi Arabia made a contract with Ripple to use Blockchain technology for its central bank. Even the Government of India said, IIT degree will be handled through this technology in 2019.
The examples are vast, the hidden potential of blockchain technology is unimaginable. We can say that this technology plays vital role and will improve the working process in almost all the industries know to the mankind. The best and the proven live example is Bitcoin. Now, Bitcoin is widely accepted in different fields across the world.