Tuesday October 24, 2017
Blockchain technology has topped the headlines in various sectors due to its potential to disrupt and transform different industries. As an efficient and moreover a reliable way for storage and data exchange, it can be used to reform industries that rely on accessibility of certain data.
Being a complex form of technology, Blockchain is a globally distributed database that can run on various devices where not just information but anything of value can be stored like money, music, art, scientific discoveries, votes etc. where it can be also moved and stored securely, regardless of location.
This technology is beneficial as it works as a system of record that is shared among participants of different business networks, eliminating the need for disparate ledgers. Each member would have the access rights, where confidential data is shared on a need to know basis.
So, there’s no doubt that blockchain technology has the chance to change things, as its more a unique data structure where authorization is vital for digital transactions and are established as a result of the configuration of blockchain technology.