Blockchain is a technology that has brought disruption in many industries and changed the way the world used to work. We are here to understand what are those reasons that make it extraordinary.
Following are some points to consider:
On the blockchain network, transactions are approved by thousands of computers. Human intervention in the verification process is almost eliminated, leading to decreased human error and a more accurate data record.
Even if one of the machines on the network made a computational error, only one copy of the blockchain would be affected.
For a vast and quickly increasing network like Bitcoin’s blockchain to spread that flaw, at least 51 percent of the network’s machines would have to be affected, making it nearly impossible.
A bank is usually paid to verify a transaction, a notary to sign a document, or a preacher to marry them. The blockchain does away with the necessity and redundant step for third-party verification and the associated expenses.
For example, when a company takes credit card payments, it pays a small fee to the banks and payment-processing companies to handle the transactions. On the other hand, Bitcoin has no central authority and a limited number of transaction fees.
None of the data on the blockchain is saved in a single location. Instead, the blockchain is copied and shared by a network of computers. To check the addition of a new block transaction to the blockchain, every computer in the network updates its blockchain.
By spreading data across a network rather than keeping it in a single central database, blockchain makes it more difficult to tamper with it. Only a single copy of the data would be compromised if a hacker gained a copy of the blockchain network rather than the entire network.