What is blockchain technology? What are its features?

by Anii Jain Human resource executive

A futuristic and quite visionary technology as believed by most, blockchain as a technology promotes transparency and empowers people to think differently about exchanging value and assets, sharing data, doing business and enforcing contracts.

It is transforming the digital information ecosystem with respect to data collection and preservation. Also known as a public ledger of a transaction, blockchain is a shared technology administered in a shared network of computers, rather than resting with a single provider. Data can now be shared across multiple organizations enabling business processes to eliminate scope for frauds while also create new revenue opportunities.

This has not only introduced newer means of transaction methods with decentralized cryptocurrencies but also heavily encourages online economy without any discrepancies. We make this inevitable technology accessible for our customers and bring to them their future- today!

With successful implementation of blockchain in cryptocurrency domain with the likes of Bitcoin, blockchain has grown beyond its originating point- fintech. The use case range from identity management, ownership proof, and anti-counterfeit protection to self-executing contracts. The technology appreciates and facilitates efficiency and freedom from cumbersome paperwork and manual processing.

We understand this ground breaking technology and have domain expertise to escalate businesses with cutting edge solution built on this modern technology. But what makes it unique and quite futuristic?

Tamper-proof Data for ease of multiple users
No third-party validation required hence cuts cost
Transparency in records
Eliminates data duplicity
Reduces transaction time exponentially owing to its constant support in remittances

Key Features of Blockchain

1. Cannot be Corrupted

2. Decentralized Technology

3. Enhanced Security

4. Distributed Ledgers

5. Consensus

6. Faster Settlement

The technology first came into the spotlight through bitcoin, a much popular cryptocurrency. Sadly, now it’s become too much overrated and volatile compared to other cryptocurrencies. But what Bitcoin brought to our attention is the blockchain technology itself.

REFERENCE:

Basic Blockchain Feature

Blockchain - Sphinx WorldBiz Limited

What is Blockchain Technology?