BlockChain

BlockChain

Blockchain is a secure series or chain of timestamped records stored in a database that a group of users manages who are a part of a decentralized network. Blockchain is a decentralized or distributed ledger where each node in the network has access to the data or records stored in a blockchain. The encryption of all the important data records in the blockchain is done using cryptographic techniques. This ensures the security of the data in the blockchain. 

BlockChain uses decentralized consensus to maintain the network, which means it is not centrally controlled by any Organization . In fact, the larger the network grows and becomes increasingly decentralized, the more secure it becomes.

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Features and Benefits of BlockChain

Security
Blockchain technology has a better security because there is not even a single chance of shutting down of the system. Even the highest level of the financial system are subject to get hacked. Bitcoin in the second hand had never been hacked. the reason is that the blockchain network is secured by a number of computers called nodes and these nodes confirm the transaction on this network.
Immutability
In the BlockChain each node of the network will have a copy of the current data; therefore, the transparency is committed and the data is immutable because in order to modify a piece of information, it must be modified in all nodes of the network, which is impossible. In other words, corruption and data attack cannot be done on blockchains.
Decentralized System
Blockchain is a decentralized technology, which means any information stored in it acts as a unit of the whole network. There is no centralized authority; instead, all the information is shared among nodes.Data is controlled by a decentralized network, instead of a central authority. Therefore, the entire network operates on the principle of peer-to-peer or user-to-user. 
Traceability Becomes Easy
If any organization deals with products that are traded through a complex supply chain, you’re familiar with how hard it can be to trace an item back to its origin. When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.
Faster and Efficient Settlement
Traditional systems are quite slow, It also can be corrupted quite easily. Blockchain offers a faster settlement compared to traditional banking systems. This way a user can transfer information relatively faster, which saves a lot of time in the long run in a secure way.
Reduced costs
For most businesses, reducing costs is a priority. With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.