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| iitmind.com |
BlockChain Technology:-
Blockchain is a shared, immutable ledger that makes easier the process of recording transactions and tracking digital assets in a business network. Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
In other words, Blockchain can be defined as a distributed ledger technology that allows the storing and sharing of data in a decentralized and immutable manner through a network of distributed peer-to-peer members.
The importance and impact of blockchain technology and decentralization:-
● Security purposes
The digital world is filled with hackers looking to breach information or steal data from sources. With blockchain technology, the information stored has robust security making it impossible for one to hack.
● Transparency
Since everything is displayed on the network, there are very fewer chances that there would be any kind of discrepancy that can be created.
● It is inexpensive
Most of the traditional financial models that are available in the market are expensive, however, with blockchain it is inexpensive.
● Less transaction time
An individual can send, receive money and financial documents within a couple of minutes, this reduces the burden of waiting for hours together.
● Financial efficiency is increased
Decentralized blockchain allows one to make transactions from individual to individual without the involvement of a third party. This helps saves a lot of money while making transactions, unlike traditional banks.
● Protect businesses from fraud
The blockchain is open-source ledgers which is why it is very easy to identify if fraud has taken place since every transaction is recorded on them.