Why blockchain is important??

 

Why blockchain is important??

Blockchain is a system of recording information in a way that makes it difficult or impossible to change ,hack or cheat the system .A blockchain is essentially a digital ledger of transaction that is duplicated and distributed across the entire network of computer systems on the blockchain.

Blockchain technology is used not only in real life scenarios, but  also its importance in business or banks. It is ledger based peer to peer network where each peer has a ledger copy .

At the core ,you can find the blockchain’s importance by going through its key features.These features make blockchain irresistible in diverse scenarios and mark itself as the best possible solution.

Better security:

Blockchain uses cryptography to add a layer of security to the data stored on the network.The decentralized feature on the top of the cryptography makes blockchain provide better security than the other systems.

Also,each block on the network carries a unique hash,which means that no data can be forged or changed by malicouus actors or hackers.

Inexpensive:

Blockchain is inexpensive when compared to other technologies .With no centralization there is no neeed to pay a middleman,improving cost efficiency.In the supply chain using blockchain means less paper work .The paper work itself cost a lot.

Improved efficiency:

Improved efficiency is another answer to why blockchain is important.The cause is better security,intermediary removal,and overall process.Transaction also take seconds rather than a week to complete,especially international transactions.

Immutability:

Blockchain is immutable .This opens a lot of opportunities for platforms that need immutable traits to make their system more functional in a highly competitive market.

Digital freedom:

As a human being one of your rights is freedom.There are centralized entities that offer connectivity in terms of economy but also take away our freedom.With blockchain you get true digital freedom.It gives you the digital freedom that relies heavily on the backbone of blockchain technology.