What Is Blockchain Technology and It’s Benefits for Business
Blockchain is a decentralized technology. The global network of computers uses blockchain technology to join and manage the database that records Bitcoin transactions. That is, Bitcoin is managed by its network. Blockchain is the structure of data that represents record of a transaction. Each transaction is digitally and secure. This technology underpins digital currency like Bitcoin, Litecoin and Ethereum. Bitcoin works like to transfer the value between bitcoin wallets that includes in the blockchain. Bitcoin wallets keep encoding data called a private key, which is used for secure transactions. Blockchain is a digitized, distributed and secure ledger that guarantees for transactions and solves the trust issues between two parties when they exchange value. Benefits of Blockchain Technology: 1. Trustworthy system: Data structure using blockchain allows users to make and verify transactions without a third-party involvement. It reduces the risk of unauthorized interfe