Blockchain Technology is a buzzword now. Everyday we come across a news about it . Any news about bit coin or any other crypto currency cannot end without mentioning about blockchain.
Blockchain Technology has acquired a name with its incredible and mind blowing nature.This digital technology creates great expectations to build future technology.
The blockchain is defined as “a financial ledger entry or keeping and maintaining some record of transactions.”
It is basically use to structure the creation of transparent and permanent ledger financial transactions.
Blockchain technology is so strong that each transaction has its own record and every transaction creates its own authenticity.
As per the technology chances of any fraudulent transaction cannot be possible. This means that this has created with full standard integrity rules.
How Blockchain technology Performs?
You must be curious that how this technology has performed it’s working.
An easy to understand answer to this question is here.
Whenever a new transaction occurs or when an individual creates a modification to an existing transaction, implementation of blockchain gets ready.Then it execute the algorithm embedded in to verify and evaluate the previous record of an individual.
The record of an individual places among a block.
When the block alarms valid previous record a new transaction block creates.This transaction block adds to the blockchain block of the transaction.
If the information is not valid, then the request denies and no new block adds to the chain of transactions.
Benefits of Blockchain Technology
Blockchain technology is somehow attractive and has many different advantages with it which includes the following:
- The digital signatures help you to protect your transactions record and your signature is very protective and tough that nobody can make any kind of fraud to it.
- The concept of Blockchain technology works excellent so that everyone keep the record of their transactions . Transactions added to supply chains of a block to ensure safety and security.
The biggest drawback of blockchain is that it is hard to apply just because of typical open source projects. The concept of Bitcoin, Litecoin and Ethereum are using the blockchain technology and becomes more and more popular day by day.It expects that this algorithm improve efficiency of online transaction.