If you have heard about cryptocurrency, you probably have heard about blockchain technology. However, if you have not, it is one of the undeniable clever inventions that are now moving every nation’s industry.
It is a public ledger, which is distributed and decentralized; in a clearer form, the term “block” is defined as the crucial digital data or information which is stored in a public but a secured database, referred as “chain”.
According to the definition, the blockchain is composed of three parts, namely:
• Storing of information on the transaction such as the time, date, and the amount of money you have paid through digital online markets.
• Storing the information of the client or the name of the consumer who has participated in the transaction.
• Storing information or the unique code that will help distinguish the transaction from other transaction or from “block” with another “block.”
What are the benefits of blockchain that makes it so popular?
The blockchain technology is emerging in all aspects of the industry; however, it brings more future in the financial industry, especially with digital currency, like the Bitcoin.
The purposes of blockchain technology do not end on cryptocurrency, but it also highly benefits on other services and industry. In fact, here are a few benefits of blockchain that makes it so popular:
1. It offers great transparency
Since the adaptation of the smart invention, all transactions have become transparent; this is because, the blockchain technology is a form of the public distributed ledger, by which clients who have individual copies of the same data have agreed unanimously on the recorded transaction. The said transactions are not easily removed nor altered; if so, the entire network has to be changed.
2. It is more secure
Did you know that all of the data provided by the client on the internet or to some smart machines are vulnerable to identity theft or anything fraud? Fortunately, blockchain technology is designed with encryption, which helps secure all records from attackers. In fact, blockchain is more protected than any other record-keeping system; this is one of the reasons why, more and more companies, both public and private, are using blockchain technology.
3. It is traceable
There are certain transactions that consumer need to trace the supply chain just to ensure they are getting what they have applied for – this is most common in the trade industry, where the consumer is enabled to trace the journey of his or her ordered product just to ensure the authenticity of the transaction – thanks to blockchain technology, securing and tracking the client’s transaction is now all possible. If you check out these crypto sponsored posts, you’ll easily understand how this works.
If you own a business, applying this smart idea will help your business grow; it reduces human error, as well as, increases speed in recording and settling all crucial data. Plus, it reduces production cost, since you do not need the third party to guarantee that all your documentation, information, data, and more are well-secured and well-recorded.