5 Minutes Read
What is a Blockchain? A handy guide
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The technology came to the highlight after it became the base for transactions of crypto currencies such as the Bitcoin.
Blockchain can be defined as a digital ledger containing records of a large number of financial transactions. It collects a thorough digital record of all transactions made by a concerning party to others.
How does it function?
The technology came to the highlight after it became the base for transactions of crypto currencies such as the Bitcoin. It is a decentralised system that can be operated from anywhere. Every block of data is connected to another block in a chain format making it extremely useful for keeping of records.
It is thought to be more secure, transparent and accountable form of technology than other existing ones. It is also considered as less time consuming and and cheaper as it nullifies the need of having any intermediaries.
Blockchain is considered as suitable for any area that needs seamless transactions. Â Any sector that has complex and large scale back-office processes that may involve paperwork, digital connections etc can use the method. Due to its ability in unravelling complicated datas, blockchain can be extremely useful in sectors such as banking, investment firms, brokerage firms etc. However, it cannot operate disconnected to others as an individual unit.
Future of the Blockchain
Various industries across the globe are slowly exploring the future use of the technology ranging from IT companies to start ups. Financial institutions, particularly banks are exploring ways to use blockchain for making payments, remittance and to provide security. However it has still a long way to travel and only time can tell whether it could revolutionise business and financial transactions.
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