Blockchain is an encrypted, database that records data. The first successful implementation of blockchain technology is. Bitcoin Network. It is also known as a digital ledger of any transactions, contracts – that need to be independently recorded. This blockchain technology refers to the transparent, conflicted, a publicly accessible ledger that allows the user to securely transfer the data by using public-key encryption.
The main key features of Blockchain technology is, this digital ledger is accessible across several hundred and thousands of computers and is not hurdle to be kept in a single place. With Blockchain technology in the financial sector, the user can interact directly and can make transactions across the internet without third-party interference.
Blockchain transactions will not share any personal information regarding the users and it creates a transaction record by encrypting the identifying information.
With a blockchain, many people can enter the user’s data into a record of information, and a community of users can control how the record of information is redraft and updated. Blockchain protects data from any data breach attack or cyber-attack.
The blockchain technology holds the potential to revolutionize various business sectors and make processes smarter, secure, transparent, and more efficient compared to the traditional business processes.
This technology can be performed in multiple industries including Financial Services, Healthcare, Government, Travel and Hospitality, Retail and CPG.