The blockchain is a digital ledger which stores financial transactions similar to the book which has what comes in and what comes out. Compared to the conventional ledger, the digital one is more secure and vast without any third parties involved.
When we talk about blockchain, every block contains, but not limited to a cryptographic hash of the last block together with the transaction data. It can be utilized by two parties to record transactions permanently and securely. It’s managed by the P2P network and enables the safe transit of digital information.
WHAT MAKES BLOCKCKCHAIN THE NEWEST REVOLUTION IN TECHNOLOGY?
Blockchain tech was designed originally to deal with Bitcoin. However, today, it has become the new talk of the town: a revolution, as many people say. Throughout its earlier stage, the technology is provoked with massive rejection and criticisms. But after considerate revisions, it came out to be more secure, more useful and more productive. It has now become an efficient way to store data and information in a digital form which is reconciled now and then.
What are the universal benefits of blockchain technology?
- Cost saving. The blockchain is a very cost-efficient technology. That’s because it does not involve any third party or intermediaries. It makes the system a perfect one for both established organizations and startups.
- Agile. In a world where time is money, the blockchain technology can serve an important role by enabling faster dealings. Further, as the system does not need a long procedure of clearance and verification, it can be utilized by various sectors for closing the deals first.
- No Tampering. As the records and transactions are verified at all times, they are passed on from one block to another block. That means there are less or no chances of malfunctions. The preciseness of the process safeguards the data from tampering. That makes the technology more efficient and friendly to all its users.
- Quality. When we talk about any irregularities, a blockchain system can make it simpler for concerned parties to examine any problem as the system can be sourced them all the way to its point of origin. Plus, the quality assurance makes it a perfect technology for industries where other vital details like tracking the origination are essential.
- Transparency. Many tech-savvy individuals claim that the blockchain technology is exceptionally To make it simple, as the blocks are logged and included to it chronologically, the participants can keep track of the transactions with much ease and without any record keeping.
XinFin is a hybrid technology firm that is focused on global trade and finance. The company has developed a highly secure, scalable, commercial grade and permissioned blockchain architecture. XinFin blockchain is powered by the XDC01 protocol that is constructed over the first of its kind hybrid blockchain architecture. Its goal is to remove the disorganizations in worldwide trade and financing. It also allows institutions to offer a real-time settlement and letting cross-border smart contracts.
No doubt, the time has come to acknowledge the technology as well its benefit before applying it to business.