Dating back to the times when the world’s first digital currency Bitcoin entered the market and within a short time became the most popular and the best investment options, all of us went searching for the name of the foundational technology behind it, then it’s Blockchain, about which we will be discussing here.
Blockchain: What it is and How Important it is?
Blockchain is a set of digital information (called the “blocks”) that are stored securely in a public database (called the “chain”). The digital information that is stored over these digital blocks can be the transactions or other such sensitive details. In these digital blocks, the transaction details are stored with complete information like the transaction amount, the date and the time.
There are several reasons why we need to have the blockchain technology. Here is the list of the complete list of the features being offered by the blockchain technology.
Traditional banking generally takes more time for a transaction to process. But, by the means of Blockchain, the entire transaction process can be made faster, which can eventually provide a more convenient experience to the users.
Blockchains are decentralized in nature, which means that the users are given the total ownership access to their digital assets, which are encrypted with an access key. The users can thereby, easily transfer the asset to anyone, they want.
Immutable and secure
A centralized exchange is prone to hacking because the database’s security is totally dependent upon the third party’s trust. Unlike this, in the case of blockchain, the transaction details are completely immutable and nearly impossible to decode. Likewise, recently, Singapore’s central bank, Monetary Authority of Singapore (MAS), has joined hands with JPMorgan, the global banking investor to bring blockchain across all its verticals (Source: Project Ubin Report,2019).
Today, where people aspire for speed, reliability, transparency, and a more trustworthy system, the blockchain network, emerges as a great option. It is further estimated that very soon a new era is going to come where blockchain will get enrooted into more technicalities and will be even more powerful than the existing frame.