The benefits of blockchain technology are security, faster, and zero manual edits. So it has great potential to use in financial applications. Less maintenance and its distributable nature made the blockchain hot in the market. Manual editing of transactions is not possible. So, you cannot manipulate the transaction data.
The applications that used blockchain technology are: Banks, Share markets, Government Bodies, and Big Corporations.
What is Blockchain
- Blockchain stores each transaction in Blocks. No one can tamper or change the details.
- The people who are making a transaction in the Blockchain world both have the same copies.
- The parties involved cannot changes these records. So it is robust.
Benefits of blockchain
- The distributed nature of ledger details.
- Distributed data available to all parties, and cannot tamper the data.
- Every transaction is Public. That means only people who have access can see the information.
- It stores all records permanently.
- One cannot edit or manipulate the data.
- Data-hacking is not possible since it is distributed.
- Unlike centralized processing, the Blockchain is much faster. And verification and completing a transaction are faster.
- Unlike centralized processing, it is less expensive. In the centralized system each server in the network charges some amount as a processing fee. Here you can eliminate intermediaries - so less expensive.
- The Centralized databases are expensive to carry transactions of low value. The fee to pay intermediaries is more.
- The Data in the Blockchain is not editable. In the case of Centralized databases, the Banks or Private Organizations can edit them.
- The maintenance of Blockchain is cheaper.
Disadvantages
- Publish carefully. Once publishes you can't take back
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