Blockchain architecture changes the financial world in near future. Increasing population and volume of transactions cause financial crimes. Opportunities to implement Blockchain technology are Banks, Share markets, Government Bodies, and Big Corporations.
Less maintenance and distributable made blockchain hot in the market.
Why You Need Blockchain
- Blockchain stores each transaction in Blocks. No one can tamper or change the details.
- The people who are making a transaction in Blockchain world they both have same copies.
- No possibility of changing these records by parties involved. So it is robust.
Key Advantages of Blockchain
- The ledger details distributed.
- Distributed data available to all parties, and no one can tamper this data.
- Every transaction is Public. That means only people who have access can see the information.
- Stores all records permanently.
- No one can edit or manipulate the data
- The possibility is there to hack a centralized database. In Blockchain one cannot hack the data. Since it is distributed.
- The centralized database is slow. Whereas Blockchain is much faster. Verification and completing a transaction is much faster.
- The centralized system is expensive. Each server in the network charges some amount as processing fee. In Blockchain, you can eliminate intermediaries.
- The Centralized databases are expensive to carry transactions of low value. The fee to pay intermediaries is huge.
- Data in Blockchain cannot be edited. In the case of Centralized databases, the Banks or Private Organizations can edit it.
- Maintenance of Blockchain is cheaper.
Key Disadvantages of Blockchain
- Publish carefully. Once publishes you cannot take back.