CryptoZiller Blockchain Dashboard
What is Blockchain?
Blockchain is a distributed electronic ledger technology that was originally devised for Bitcoin and cryptocurrency.
Blockchain technology is poised to change the way businesses operate. From data management to securities trading and transaction settlements, the hype around blockchain is real. It is a disruptive technology that will soon shake the business.
Blockchain is a secure decentralized digital ledger of transactions devised to record financial transactions and any other thing of value. Transactions recorded in blockchain are secure and generally, incorruptible once confirmed. With blockchain, there's no need for central authority like a bank, to confirm whether transactions really occurred.
How blockchain works?
Blockchain is a public electronic ledger that has two main features; it can be shared openly among different users; and it creates incorruptible records of these users' transactions, continually reconciled and linked to the previous one.
Information about each transaction is recorded in a thread called block (hence the name), and the records are truly public and easily verifiable. Users can then to participate in the electronic ledger, either in a controlled or public network. Each block is linked to a specific user and hosted by millions of computers simultaneously, which means that anyone can easily access the data on the internet.
Another important feature of blockchain technology is it is virtually impossible to corrupt or hack the information in the blockchain database because no centralized version of these records exists. Only by consensus among the participants can information in blockchain system be updated. Again, when data is entered, it can never be erased or altered.
Blockchain is unique due to its peer-to-peer network which allows for the transactions to be propagated almost instantly, making it easier for the database to be managed independently without the need for an administrator. In essence, blockchain users are the administrator.
What are the benefits of blockchain?
There are remarkable benefits that come with using blockchain technology: users have complete control of their transactions, transactions can be propagated securely in minutes and the records are verifiable, granting full transparency.
Several industries have already recognized the potential of blockchain technology. Bitcoin, for example, is a cryptocurrency that use blockchain technology to transact payments or purchases.
Blockchain networks can also be used for smart contracts to automatically capture important information such as terms of an agreement between a customer and the company for an order.