Following are some plus points of blockchain technology that might tell us why it is so popular?
Transactions processed through a central authority can take several days to settle. If you deposit a check on Friday, funds may not appear in your account until Monday morning.
Unlike financial institutions, which operate during business hours, typically five days a week, blockchain uses and works round the year.
Transactions can be completed in 10 minutes, and they are regarded as secure after a few hours. This is exceedingly truthful for cross-border transactions, which take much longer due to time zone variations, and the requirement is that all parties confirm payment processing.
Many blockchain networks are public databases, allowing anybody with an Internet connection to view the network’s transaction history.
Users get access to transaction details but not to identifying information about the people making the transactions.
Blockchain networks, such as currencies like bitcoin, are frequently misunderstood as anonymous. However, this is not the case. A user’s unique code, known as a public key, is published on the blockchain when they conduct a public transaction. On the other hand, their personal information is not.
If a person buys Bitcoin on an exchange that demands identification, their identity is still tied to their blockchain address. However, even when linked to a person’s name, a transaction does not reveal any personal information.
After a transaction has been recorded, the blockchain network must check its legitimacy—thousands of computers on the blockchain race to verify that the data in the purchase is correct.
After a machine has validated the transaction, it is added to the blockchain block. The hash/code of each block on the blockchain is unique, as is the previous block’s hash.
When the information on a block is modified in any way, its hash code changes; nevertheless, the hash code of the league after it does not.
Changing information on the blockchain without noticing is extremely difficult due to this difference.