Blockchain Technology working (examples)

 

Blockchain Technology working (examples)

Blockchain technology is a public electronic ledger that is built around a (Peer 2 Peer) system. This system can be openly shared among different users just to create an unchangeable record of transactions.

Each time this process is followed, the new build is stamped and linked to the previous one. Every time a new set of data is added, the new data becomes another chain block, which creates a long string of chains.

Blockchain can only get updated by the approval of the participants in the system. That is why, once new data is entered, it can never be erased. It is a write-once, add-many technology that makes a valid and auditable history of every transaction.

For Banker- The greatest benefit of Blockchain technology is that as long as a single node or chain exists, data or records are also secured, making it accessible to rebuild the entire network.

Benefits of Blockchain Technology

Wealth Redistribution- Blockchain technology can create new businesses and modify existing ones in ways we cannot imagine. For instance, it can facilitate nano-payments proportionate to an individual's participation and value creation on the Internet while making it an ideal wealth redistribution tool for our digital age.

Decentralization- As one of the fascinating aspects of the Blockchain, decentralization is also its key benefit. Instead of being stored in any single point, the blockchain system is completely decentralized, which means an overarching authority can't advance its program and hack the network.

Ease of Use- With enough combination capabilities, Blockchain has the convenience of being straightforward to use and fast. The flow of data or money is quicker because of the lack of intermediaries.