What is Blockchain?
It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.
A Blockchain allows untrusting parties with common interests to co-create a permanent, unchangeable and transparent record of exchange and processing without relying on a central authority.
A blockchain carries no transaction cost. (An infrastructure cost yes, but no transaction cost.) The blockchain is a simple yet ingenious way of passing information from A to B in a fully automated and safe manner. One party to a transaction initiates the process by creating a block.
Value Proposition
Of truth. Data is encrypted and linked to the previous transaction making it very difficult for hackers to comprise the data.
Why Is Blockchain Important?
At the core, you can find the blockchain importance by going through its key features. These features make blockchain irresistible in diverse scenarios and mark itself as the best possible solution:
1- Immutability:
Data once stores cannot modified and altered
2- Transparency:
Offers trasnperency so that businesses can track every system detail.
3- Efficiency:
Enables businesses to carry out operations efficiently.
4- Traceability:
Offers all-time traceability that prevents fraudulent activities.
5- Security:
Utilized high-level cryptography algorithims and methods.
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