Blockchain is one the most popular technological system now a
day, people are attracted to it and organizations and people are willing to
understand and use it for their own benefits. But before looking in to the
matter either Blockchain is beneficial for our society or not we have to
understand the concepts of blockchain.
In 2009 the first ever application of blockchain was “Bitcoin”,
it is a digital currency supported by blockchain through its cryptographic
system. Blockchain is a peer to peer system of transaction you don’t need any
centralized server to store data everything is decentralized, and every account
holder maintain his/her own ledger of transaction, well which makes it
impossible for the hackers to hack, steal data/information or even steal
information.
It is on a small scale but for bigger organization it plays a
vital role in keeping their accounts protected and secure from any outside
interference. The reasons it is safe and beneficial are:
Before the introduction of “Blockchain” security and
validation of your ownership of digital accounts can’t be trusted and stealing of
information and data is common even you use different software for safety from others
to get access but still that company who is providing you security has the
access to your information. Blockchain removes this and create a peer to peer
system of transaction and due to cryptographic blocks in chains reduces the
chances of any interference.
Also an important benefit of using blockchain system for
transaction is if your transaction took place no one can edit that transaction
and that transaction remains the part of the ledger and account for future
concerns.
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