Block Chain technology :-
Blockchain is a method of recording information that makes it impossible or difficult for the system to be changed, hacked, or manipulated. A blockchain is a distributed ledger that duplicates and distributes transactions across the network of computers participating in the blockchain.
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Key Elements and Features of Blockchain
What makes the blockchain so effective? These key elements work together to make it a secure way to record and store digital data:
Decentralization: A decentralized network means no governing body or third party looking over it.
Immutable Records: Records stored via blockchain are immutable (incorruptible and unalterable). Blocks on the chain cannot be changed or updated and to add more, every node on the chain must check for validity.
Greater Security: Blockchains utilize cryptography to protect data using a complex algorithm that acts as a defense against attacks.
Faster Settlement: Blockchain tech makes transactional periods much quicker than traditional banking systems which can take days to process information. Blockchain makes transactions over long distances faster, easier, and more secure.
Distributed Ledgers: Distributed ledger technology allows for simultaneous access, validation, and updating of records in an immutable manner across a network that is broken up across multiple entities. Having networks distributed removes the need for a third party to check for authenticity and manipulation.
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