What you need to know for understanding Blockchain Technology

understanding blockchain technology

Blockchain technology is the latest tech trend that is impacting various industries at an alarmingly fast pace.

 

What does blockchain looks like?

what does blockchain look like

Blockchain looks like a decentralized database used to manage a constantly increasing list of records, known as blocks.

The most notable impact of this tech has been in the financial industry. It basically disrupted the way banking is done.

 

Apart from the financial industry that uses blockchain tech to process transactions, this tech can be applied in other industry viz energy, government, defense, cloud storage, securities, share trading,  intellectual property protection, property records, digital identity, and smart contracts.

 

What are the benefits?

what does blockchain look like

For better understanding blockchain technology, we decided to list the benefits of implementing.

 

  • It is reliable and secure because all transactions are recorded and validated.
  • It supports direct peer-to-peer transactions without the need of any third-party.
  • Transaction and user information is strictly under user control.
  • Blockchain processes transaction faster and it works round the clock.

 

FUN FACT: Blockchain can be used to sign a digital contract that is self-executable.

 

For more information about blockchain technology, please reach out to openGeeksLab. We’d be glad to break it down for you.