BLOCKCHAIN

Blockchain technology is a record-keeping structure, also known as a blockchain, for public information in many databases, known as “chain,” on a network connected to peer-to-peer networks. Generally, this storage is referred to as a ‘digital ledger.’

Everything that is done in the lodge is authorized by the owner's digital signature, which guarantees the transaction and protects it from intrusion. Therefore, the information contained in the digital ledger is very secure.

In simple terms, a digital ledger is like a Google spreadsheet shared between multiple computers on a network, where performance records are kept based on actual purchases. An attractive angle is that anyone can see the data, but they can't destroy it.

Why is Blockchain Popular?
Suppose you are transferring money to your family or friends from your bank account. You can access the bank online and transfer the amount to someone else using their account number. Once the transaction is done, your bank updates the transaction records. Sounds easy enough, doesn't it? There is an issue that most of us may ignore.

These types of transactions can be disrupted very quickly. People who are aware of this fact tend to be wary of using these types of transactions, which is why the advent of third-party payment requests has occurred in recent years. But this risk is actually due to the fact that Blockchain technology has been developed.

Technically, Blockchain is a digital ledger that has been gaining a lot of attention lately. But why is it so popular? Well, let's dig into it to understand the whole concept.

Record keeping of data and transactions is an important part of business. Usually, this information is handled in-house or transmitted to a third party such as brokers, banks, or attorneys for additional time, cost, or both in business. Fortunately, Blockchain avoids this lengthy process and facilitates faster transactions, thus saving time and money.

Most people think that Blockchain and Bitcoin can be used differently, but in reality, they are not. Blockchain is a technology that can support a variety of programs related to many industries such as finance, procurement, manufacturing, etc., but Bitcoin is a currency that relies on Blockchain technology to be secure.

Blockchain is a emerging technology that has many benefits in a growing digital world:

Very Safe
It uses the digital signature feature to create fraudulent transactions that make it difficult to corrupt or alter individual data by other users without a specific digital signature.
Low Level Program
Generally, you need the approval of regulatory authorities such as a government or bank by transaction; however, with Blockchain, transactions are conducted through user consent leading to smooth, secure and fast usage.
Automatic Power
It can be programmed and can create custom actions, events, and payments automatically when trigger conditions are met.