Is using blockchain trustworthy? No doubt, blockchain enhances trust across a business network. But how? Well if you also have this question then, you are in right place. This guide will help you to find a suitable answer for you.
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Blockchain was introduced to let people, exchange meaningful data in a secure, immutable way. It uses cryptography techniques and advanced, creative software to avoid any alteration in storing data. This makes it back-breaking for hackers to exploit your data. Which eventually upraises the level of trust among users. There are even very fewer chances of corruption, everyone is made aware of it in every transaction.
The following attributes help to build trust with Blockchain
1. Distributed and sustainable:
The ledger is not only shared, and updated with every transaction but also selectively duplicated among participants in near real-time. One more point to remember is, that blockchain isn’t dependent on any individual entity, it’s not owned or controlled by any single organization and hence due to this the blockchain platform’s continued existence
2. Secure, private, and indelible:
We can halt unauthorized access to the network using consent rules and cryptography in the blockchain. Cryptographic techniques are used in the blockchain which ensures selective visibility to participants in the ledger and also maintains privacy.
Here one can note the point that transactions and the recognization of transacting parties can remain anonymous. Plus, records of the transaction cannot be altered by members.
3. Transparent and auditable:
Because participants in a transaction can validate transactions and verify identities or ownership without the interpretation of third parties as they have access to the same records. Transactions can be verified in near real-time and are time-stamped.
4. Consensus-based and transactional:
Acknowledgment from all network participants is required to consider a transaction as a valid transaction. To make this work, consensus algorithms are used. Every blockchain network can establish the conditions under which a transaction can occur.