Blockchain is a technology that has changed the world’s operations and brings many innovations in many different sectors. However, what is the reasons why it is being used?
The following are attributed to this technology and the reasons for its popularity:
Decentralized
A blockchain allows the data in a database to be distributed across multiple network nodes in different places.
This adds redundancy to the database and ensures that the data is accurate. If one node of the database is updated, the other nodes are not affected, preventing a bad actor from doing so.
If one user tampers with Bitcoin’s transaction, all other nodes will cross-reference, making it easy to find the node with erroneous data.
This system helps in the establishment of a precise and visible sequence of occurrences. In this manner, no single node in the network may change the data it contains.
Transparency
Because of the decentralized structure, all transactions may be examined in real-time by running an individual node or using blockchain explorers.
Each node/system has its copy of the blockchain/transactions, updated as new blocks are added and confirmed. This means you could follow Bitcoin wherever it goes if you wanted to.