Blockchain Technology
The Blockchain is an encrypted, distributed database that records data. In simple words, it is a digital ledger of transactions and contracts that are required to be independently recorded. This digital ledger is not bound to be kept in a single place but is accessible across several thousands of computers.
Benefits of Blockchain Technology include:
- Due to the real-time transactions, time effectiveness increases,
- Overhead and intermediary costs are eliminated due to direct transactions,
- Reduced risks of cyber crimes, frauds and tampering,
- Proper record creation and tracking makes the process transparent, and
- Cryptographic and decentralized Blockchain protocols ensures high security.
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