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How Blockchain Works
Blockchain works on the principle that allows a group of connected computers to maintain a single updated and secure ledger.
Initiation of Transaction
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Blockchain Technology’s Key Benefits
Blockchains technology is here to stay. It comes with many benefits which are common to many industries. These Path-breaking benefits will redefine the way we work. Below are some of them.
Blockchain technology caters greater transparency with the distributed ledger system. All the participants share the same documentation, and an update must have consensus. This nature of blockchain makes data complete, accurate, and consistent.
The blockchain is secure due to its record-keeping systems. Transactions are approved, encrypted and linked to the previous transaction. Storage of data is in the network of computers instead of a single sever making it difficult for hackers to hack.
Blockchain eliminates the intermediaries from the equation. It cuts a significant amount of cost. It’s only you and your trading partner; the best part is that it is still secure.
Increased Efficiency and Speed
Traditional trading processes are time-consuming and prone to human error. Blockchain automating these processes helps in speeding up and improving the efficiency of the transactions.
All the information is relayed and transferred to or from the new participant for possible action. This nature of Blockchain helps in tracking data and hence increasing the traceability.
Record of each transaction is sequential, and it is there for everyone to see. It makes auditing of any deal an easy job.
Applications of Blockchain
Blockchain Technology is a vast concept; some compare it with the internet itself. Blockchain has a humungous scope. It can be used in many industries and fields as the benefits offered by it serves all of them. Below are few of the Blockchain applications.