What is Blockchain? What is the future of Blockchain?

Blockchain is a decentralized digital ledger where every transaction is securely recorded in a chain of blocks. It stores the records securely across the network of computers. The data stored in blockchain are immutable, shared and transparent.  

Features of Blockchain -  

Blockchain is decentralized- Decentralized is a opposite of centralized, in this , there is no controlling person, computer or server. The date is spread over a large no of networks of computers and they are connected to the blockchain. In a blockchain network, each node has a complete copy of entire data in blockchain.  

Blockchain is immutable- It means the data present in blockchain can’t be changed or altered, once it has been created. This makes our data highly secure and reliable.  

Blockchain is transparent- Transparent in blockchain refers to that the data present or the transaction history in the blockchain can be viewed by anyone. They can see all the changes and can verify as well but can’t alter.  

Future of Blockchain-  

Future of blockchain is bright , how can I say that? Read the below mentioned to know the answer of this question.  

Blockchain technology are already being used in many cryptocurrencies nowadays. One of the most popular cryptocurrency is Bitcoin. There is no need of introducing bitcoin to you, as we all are aware of it. So, More industries and business may adopt the blockchain technology.  

Blockchain technology will highly impact the Finance and banking sector as it serves as a secure transaction ledger. Blockchain is faster, transactions are secure so it has bright future in finance and banking sector.  

Blockchain technology can help in reducing frauds at higher extent, it enhances the privacy. The identity of transactions participants are replaced with an alias.  

Blockchain technology has a bright future in healthcare sector as well. it can store the patients records securely without compromising with the privacy of patients.  

Blockchain is a decentralized digital ledger where every transaction is securely recorded in a chain of blocks. It can offer higher privacy , greater security , more transparency to the users.