Imagine a world where you can send money directly to someone without a bank–in seconds instead of few days and not pay for the exorbitant bank fees. The answer to your imagination is blockchain technology.
Blockchain is not as complicated to understand as it sounds. It is a chain of blocks of information. Blockchain is considerably deferred from a typical database by the way the data is stored. In the blockchain, all the information is stored as blocks and later chained together. These blocks have specific storage spaces. When these blocks are filled, they are chained together.
When a new piece of information is to be stored or added to a piece of existing information, it automatically creates a new block to store the information and chains it to the original chain.
It is a Distributed Ledger Technology (DLT) used for transactions and related data in multiple places at the same time. It is a record-keeping technology that is designed to make it impossible to hack or forge data.
Some of the applications of Blockchain technology are:
- Greater transparency
- Improved traceability
- Increased efficiency
- Increased speed
- Reduced costs
- Enhanced security
While there are a few disadvantages of blockchain technology. Private key issues, extremely volatile, issues in scalability are some of the disadvantages of Blockchain technology.
Blockchain would make our work simpler and offer high returns and protection from payment frauds.
Watch the video: