Blockchain in itself is a huge word that encompasses of a lot for trusted transactions. The impact of blockchain technology has been enormous and is expected to amplify in the near future.
The technology has been in tremendous hype for its amazing facts, features and benefits and here in this blog, we are going to break the ice and relieve the apprehension. So here you go.Facts about Blockchain TechnologyBlockchain technology has helped revolutionize businesses to a great extent by using peer-to-peer network within one system, thus making it more secure than anything else that we have today. This is not it. Here are few more things about Blockchain technology that you must know before you start investing your money in cryptocurrency.Blockchains can work private (like intranet) and as well as public (like internet).Blockchains are extremely transparent, as anyone with the access to blockchain is transparent to the complete chain.
It has shown drastic development and today blockchain is exactly where internet was 20 years back.Tech giants like Microsoft and IBM are investing heaving in blockchain technology. IBM dedicates more than 1000 employees and $200 million on blockchain powered projects.90% of major banks in Europe and North America are exploring blockchain technology as their core solutions.Blockchains are the most vulnerable to break, violate or hack.
In addition to all these facts, banking and financial industry is expected to save more than $10 billion annually with blockchain solutions.What does Blockchain Technology do?Decentralization: This is the core concept of blockchain technology. It does not require any intermediary or third party for validating transactions, but works on a consensus mechanism.
Blockchain network keeps checking itself every ten minutes and performs self auditing of the digital value and reconciles every transaction during this time frame.Serves as a System of Record: Blockchains are an innovation that is good for recording both dynamic and static data. Usually, the data in blockchains can be stored in three different ways, unencrypted data, encrypted data and hashed data.Serves as a Platform: Cryptocurrency was the first platform that was developed using this technology. With the ever-increasing advancements, this platform moved from just a crypto currency exchange to Smart Contracts.
Today, we have vending machine smart contracts, smart legal contracts and ethereum smart contracts that work on this technology. Trust & Transparency: The blockchains are shared and visible to everyone, which makes the system transparent and trustworthy. This self auditing eco-system makes the embedded data within the network absolutely incorruptible. Technically, it would require huge amount of computing power for overriding the whole network.Immutability: If the data has already been written in the blockchain, it is not easy to change it. It may be incorrect to say that it is completely immutable, but changing the data is almost impossible.
So this is seen as an advantage for maintaining an immutable ledger. Highly Secure: Blockchain technology secures all the transactions cryptographically and provides high integrity.High Availability: In blockchain technology, the system is based on thousands of nodes in a peer-to-peer network and the data is duplicated at every node, which makes the system highly available.
If in case, one of the nodes in not accessible, then the network as a whole continues to work and makes it highly available for the users.Cost Saving: This technology requires no third party or intermediary, which helps eliminate all the massive costs and extra time, thus making it a cost saver. Multiple banks, financial institutions and now businesses are embracing this revolutionary technology with an expectation that it can do wonders with the static incumbents.