Blockchain: Everything You Need to Know
Blockchain technology enables distributed public ledgers that hold immutable data in a secure and encrypted way and ensure that transactions can never be altered. While Bitcoin and other cryptocurrencies are the most popular examples of blockchain usage, this “distributed ledger technology” (DLT) is finding a broad range of uses. Data storage, financial transactions, real estate, asset management and many more uses are being explored.
Who is the owner of Blockchain?
Created by the anonymous Satoshi Nakamoto, Bitcoin and Blockchain, the network it ran on, has since developed into one of the biggest and most ground-breaking technologies that the world has ever known. This technology has the power to impact and influence every industry from finance to manufacturing to education.
What is Blockchain used for?
A blockchain is a decentralized, distributed, and oftentimes public, digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.
Future of Blockchain Technology
With the increasing popularity of the technology, blockchain is being adopted by various industries like Finance, Healthcare, Travel and Tourism, Logistics, Real Estate and many more. Though Cryptocurrencies are banned in India, blockchain has numerous other utilities and India has already started witnessing the evolution.
Here are some of the features of Blockchain that makes it a favorable choice:
- The technology is cost effective as it cuts down the cost of maintenance and middlemen vastly.
- It provides high-end data and transaction security and is more reliable compared to the other means of data storage.
- It’s practically not possible to alter the records on the blockchain which eliminates the probability of data manipulation and corruption.
- Transactions are traceable and highly transparent on blockchains which reduces the risk of frauds.
- Through blockchain, one can process cross-border transactions quickly thus saving a lot of time.