The Significance of Blockchain Technology – A Guide
Although coexistent, while the Bitcoin has become a regular thing now, Blockchain is being discussed all over the world, across several industries. The technology hogged the limelight along with the Bitcoin to run the digital currency seamlessly. Blockchain technology shot to fame, primarily in the past two years.
Undeniably an ingenious invention, Blockchain Technology has grown into something significant and all tongues are waving about it. Precisely, it is a digital ledger of all financial transactions that have ever been taken place. It is growing constantly, as new completed blocks are added to it in a linear, chronological order while ensuring that it remains meddle-proof.
(Read Detailed Explanation – What is Blockchain Technology? )
With many peculiar attributes, the technology keeps the tech community hooked:
Aside from Bitcoin, the world’s first crtyptocurrency, Blockchain technology now finds potential uses in the tech community for being incorruptible. It has bring into light a new type of internet by allowing the digital information to be shared, but not copied.
The information contained on a Blockchain exists as shared, continually reconciled, database. The database is not centralized, hence completely transparent and easily verifiable, eliminating the need of an intermediate or a third-party. Hosted by millions of computers simultaneously, the data is accessible by anyone on the internet, but no centralized version exists for the hackers to corrupt.
The underlying concept of blockchain is robust, stores information in blocks that are identical across the network, cannot be controlled by a single entity and contains no single point of failure. The distributed ledgers have irrevocable train of transactions, which makes any hacking attempts unsuccessful. Cost advantages and efficiency come automatically with this feature.
Banks are among the first to exploit the opportunity that Blockchain technology brings along. This distributed ledger technology can reduce the infrastructure cost pertaining to cross-border payments, regulatory compliance and securities trading. Thus, it comes as no surprise that banks are investing resources to explore the blockchain to its core. Additionally, it is expected to impact businesses (private firms, especially) as how they manage data and interact with customers and suppliers.
KryptoMoney.com publishes latest news and updates about Blockchain Technology and Cryptocurrencies. To read some of the used and applied cases of Blockchain Technology in different sectors all over the world, visit our Blockhain Section.