What is Blockchain Technology?
Blockchain technology is mainly a digital ledger which keeps records of all the data and transactions in an organization. Blockchain provides peer-peer network system. When one transaction happened, the record of its gets replicated among the entire network in the ledger.
This blockchain technology is robust and many companies has started using this applications. With this technology it is possible to make secure and transparent online transactions and it eliminates any sort of inaccuracy.
Usage of this technology is growing rapidly, and its market size has increased. Various firms has already adopted this technology. This technology is broadly used by the Fintech, IT, Retail and Education industries. Bloackchain is invented in 2008.
With the invention of this technology, it is feasible to do safe and secure transaction. Many companies are taking advantage of this reliable and secure technology to keep records of their data and store it in an organized way.
Transactions of cryptocurrencies and bitcoins can be done conveniently with blockchain. This technology offers authentic environment for successful online transaction. Transactions made through this technology are unchangeable and cannot be easily hacked or cheat.
Popularity of this technology is increasing gradually. Leading companies have adopted this technology and have seen tremendous growth in their business. According to Yahoo Finance Blockchain technology Market size to increase by USD 6.25 Bn.
How Does Blockchain Works?
Blockchain is a distributes technology that keeps record of digital assets. The fundamental structural design of this technology is invulnerable which cannot be customized and it keeps sensitive data safe. It provides risk-free environment for companies using this technology.
Blockchain is also known as Distributed Ledger Technology (DLT) which makes digital assets unchangeable. It works in real-time and history of digital-assets are distributed not copied. This technology is scalable and reduces the risk of threat and keeps transparency between the consumers.
There are three main aspects of the blockchain:
Blockchain is the chronology of data that stores it in the chronicle manner. Once the transaction data is recorded it cannot be alter.
Usage of Blockchain
Healthcare Industry- Healthcare professionals can use this technology to maintain privacy of their patients medical records.
Retail Industry- Blockchain technology can be used in retail industries, suppliers can use this technology to keep their purchase records.
Media & Advertising Industry- This technology is immutable, media and advertising industry can take advantage, transaction are recorded and distributed in digital ledger.
This technology is effective and transactions can be done securely using blockchain. It is cost effective and has many benefits. This scalable technology minimizes the risk and provides transparency.