What is Blockchain? | 5 Major Advantages of Blockchain What is a Blockchain? Blockchain is a distribution of databases that shares the nodes of the computer network. It stores all the information electronically in digital format. It initially came into the limelight after its crucial role in cryptocurrencies, especially Bitcoin. After that, most people are now using it to maintain a secure record of their transactions. It guarantees the security and fidelity of records of data that generates trust without the involvement of a third party. The key difference between a typical database and a Blockchain is the way both are structured. It collects all the information in groups known as blocks. These blocks hold sets of information. Get Blockchain Online Training and learn more about the opportunities of that Blockchain offers.
Advantages of Blockchain After the successful contribution of Blockchain in cryptocurrencies, many industries have now started to use it. Find here some major advantages of Blockchain: Decentralize: - It is considered to be the main advantage of Blockchain technology. No one in the center position enables trust in it. Moreover, people lack trust because they are unknown to each other. Blockchain has no single entity that is exclusively in charge of sharing the data in its ecosystem. This proves the value of blockchain technology. With its decentralized nature, it is however able to solve the dilemma of data sharing. Security and privacy: - The security provided by Blockchain-enabled systems is another advantage of this emerging technology. With end-to-end encryption, it creates an unalterable record of transactions. It shuts out the chances of fraud and unauthorized activities. The data in a Blockchain is stored across the computer networks which makes it nearly impossible to hack. Unlike any other conventional computer