Today’s world is all about technology. People are open to accepting new technologies. The need for modernization in our day-to-day lives is increasing rapidly. Modern technology has made our regular lives ease. Just consider this, from getting up from bed and then checking some random pop-ups on your mobile to going back. From using a remote for controlling devices to using voice notes for giving commands we use technology every time. Technologies like augmented reality and IoT have gained pace in the past decade and now there’s a new addition to the pack i.e. Blockchain Technology. In this article, we are going to cover a simple introduction to blockchain along with its features.
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Definition: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets such as houses, cars, land, or intangible (intellectual property, patents, copyrights, branding) in a business network. Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Why blockchain is important?
In this digital era, information or data is everything. Business runs on information. For better outcomes, it should get delivered faster and accurately. Blockchain is supreme for delivering that information. It provides immediate, shared, and completely crystal clear information stored on an immutable ledger. This ledger can be accessed only by authorized network members. A blockchain network can track orders, payments, accounts, production, and much more. You can see all details of a transaction end to end as members share a single view of the truth which helps to boost your confidence, as well as new efficiencies and opportunities.
Key Features of Blockchain
Distributed ledger technology
All network participants have access to the distributed ledger and its immutable record of transactions. With the help of shared ledger, we can eliminate the replication of effort of conventional business networks as transactions are recorded only once.
After the transaction has been recorded to the shared ledger, no participant can change or tamper. A new transaction must be added to reverse the error if a transaction record includes an error. Then both transactions are visible or noticeable.
A smart contract is a set of rules, stored on the blockchain and executed automatically to accelerate transactions. It states conditions for corporate bond transfers, includes terms for travel insurance to be paid, and much more.