Key Concepts of Blockchain technology
Blockchain can provide a potential input for every business. But to accompany its full potential, one has to understand its core concepts from scratch. Undoubtedly, blockchain technology will be the future of multiple sectors, so this is a perfect time to dip our toes into it. Definition of blockchain technology Blockchain is a secure, decentralized platform to store any type of data. The data entered in the blockchain cannot be altered or deleted. This technology has various real-time applications in healthcare, voting, finance, banking, and more. Benefits of blockchain technology No one might have chosen blockchain technology if it can't enhance the business. It proves the value of this technology. Here are some of the advantages of blockchain technology. Cuts down third party intervention Low or no transaction costs Nearly impossible to hack Maintains the anonymity of the users Transparent and secure transactions