What is Blockchain Technology:-
- Distributed Database:-
Source – quoracdn.net
In blockchain, information exists as a shared and continually reconciled database. The obvious benefits of the network will be used effectively. This technology is not stored in any single location, meaning the records it keeps are truly public and easily verifiable.
No centralized version of the information exists for a hacker to corrupt. The data is available to anyone on the internet as it is hosted by millions of computers simultaneously.
- BlockChain Durability And Robustness:-
Source – slidesharecdn.com
Just like the internet, blockchain has a inbuilt robustness. Blockchain cannot:
- Be controlled by any single entity
- Has no single point of failure
It was invented in 2008. Since that it has operated without significant disruption. Because of the hacking and mismanagement, some problems are associated with the Bitcoin. These problems come from human error, not flaws in the underlying concepts.
- Idea Of Decentralization:-
Source – Silicon.nyc
The Function of the network as a whole is due to anything that happens on it. Some important implications stem from this. By creating a new way to verify transactions aspect of traditional commerce could become unnecessary. Stock market trades become almost simultaneously on the blockchain, for instance, or it could make types of record keeping like a land registry, fully public. And decentralized is already a reality.
Identity verifications is closely connected to the online Transactions. It can be predicted by looking at the current scenario that, wallet apps will transform in the coming years to include other types of identity management.
- Enhanced Security:-
Source – techpowerup.com
The blockchain eliminates the risks that come with data being held centrally just by storing data across its network. Its network lacks centralized points of vulnerabilities that computer hackers can exploit. Today there are many security problems which are familiar to everyone. Blockchain security methods use encryption technology.
- A Network Of Nodes:-
Source – banterly.net
The term is something of a misnomer but nodes are said to be ‘mining’ in bitcoin. Originally, bitcoin was conceived as the raison d’etre. It is now recognized to be only the first of many potential applications of the technology.
Looking at the pace of technology at which it is spreading it can be said that the bitcoin technology is soon going to overtake its counterpart technology because of its wide uses and services it offers.