Who uses the blockchain?
Blockchain technology can be integrated into multiple areas. The
primary use of blockchains is as a distributed ledger for
cryptocurrencies. It shows great promise across a wide range of business
applications like Banking, Finance, Government, Healthcare, Insurance,
Media and Entertainment, Retail, etc.
Need of Blockchain
Blockchain technology has become popular because of the following.
- Time reduction: In the financial industry,
blockchain can allow the quicker settlement of trades. It does not take a
lengthy process for verification, settlement, and clearance. It is
because of a single version of agreed-upon data available between all
stakeholders.
- Unchangeable transactions: Blockchain register
transactions in a chronological order which certifies the unalterability
of all operations, means when a new block is added to the chain of
ledgers, it cannot be removed or modified.
- Reliability: Blockchain certifies and verifies the
identities of each interested parties. This removes double records,
reducing rates and accelerates transactions.
- Security: Blockchain uses very advanced
cryptography to make sure that the information is locked inside the
blockchain. It uses Distributed Ledger Technology where each party holds
a copy of the original chain, so the system remains operative, even the
large number of other nodes fall.
- Collaboration: It allows each party to transact directly with each other without requiring a third-party intermediary.
- Decentralized: It is decentralized because there is
no central authority supervising anything. There are standards rules on
how every node exchanges the blockchain information. This method
ensures that all transactions are validated, and all valid transactions
are added one by one.
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