Blockchain: Next Big Wave of Disruption
What is Blockchain ?
Blockchain technology is a decentralized digital ledger system that records transactions across a peer-to-peer network. It uses cryptography to keep transactions secure and independent of any central authority like a centralized bank. Each transaction on it network is recorded as a block with a unique cryptographic signature. These blocks are then secured and linked in a growing chain of transactions thereby giving the technology its name 'blockchain'.
Benefits
It provides several benefits over traditional centralized systems. It eliminates the need for a central authority to process and verify transactions thereby lowering transaction costs. Without a central authority, risks of fraud, hacking or system downtimes are greatly reduced. It also brings transparency since the entire transaction history is visible on it and immutable. Parties can trust the system without needing to trust each other. Once recorded, information can never be erased allowing permanent record keeping. Its distributed nature also makes the system highly resilient with no single point of failure.
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