The new buzz word in the tech town, Blockchain did not take too long to grab the attention of experts from disparate sectors of the economy. Enveloped in the glory of Bitcoin, Blockchain has everything that it takes to be celebrated as an ingenious invention that has the potential to change how things run in different spheres of work.
Though Blockchain, the technological marvel of this era, was produced almost a decade ago to support the applicability of a cryptocurrency, it now has a standing in the market since the wizards of the tech world came up with countless ways and areas in which Blockchain can be a success.
For those who do not have much of a clue, here is what Blockchain means & how is it going to revolutionize the tech space.
Blockchain is known to be a public digital ledger which records crypto transactions in a transparent as well as a secure way. It utilizes a decentralized environment that indicates the presence of several networks of computers holding interconnected data that is owned & run by various users themselves.
However, Blockchain is becoming famous for being the safest mode to transfer information which can be seen by all but copied by none. Also, it is not just useful for making financial transactions since it has the capacity to record virtually anything which contains a value.
Although, banking is the first and the most obvious sector where blockchain can find its place since it offers a secure way to make a transaction and also reduces the cost of transferring money, besides making the whole system much faster. But, that’s only the beginning.
From healthcare to real estate to the legal industry, there is a myriad of sectors that are embracing Blockchain and are formulating plans and tools to utilize it. Below are some of the reasons out of many others that make Blockchain a resourceful technology.
- Transparency
Traditionally, in the banking system, no one is allowed to look into another person’s transactions. However, it is possible through Blockchain Technology. This fosters one hundred percent transparency since no one has the power to make changes in the transactions without having the other members to notice it.
- Security and Reliability
Due to the decentralized character, there can be no central point which can fail the system. Therefore, there are no such weak points inside the net that can lead any information to be hacked. This ensures prevention from any sort of malicious attacks that may occur otherwise. Thus it improves the reliability and security of the network.
Besides, each blockchain transaction is digitally signed with the help of a private and a shared public key. And, these keys utilize disparate cryptographic schemes that ensure the transactions to be completely encrypted. Hence, connections which are established are entirely secured.
- Accurate Accounting
The blockchain network is virtual in nature. So, recording sales as well as keeping a track of them is done virtually as well. This procedure is free from human interference and that enhances its reliability. A record which is passed on from one block to the other is validated at each and every step in order to make sure that it is absolutely accurate.
Processing a record on a digital platform leaves traceable audits behind if there are any discrepancies. One more benefit is that every record is maintained under just one registry, therefore, the righteousness of all the financial records of a company is guaranteed as well.
