What Is Blockchain Technology

Blockchain Technology being an incorruptible decentralized system of ledger that houses different records of users transactions, which also can be programmed not just to record financial transactions but also to keep the record of anything valuable. Information kept on an incorruptible blockchain system exists as a shared and continually reconciled database -All recent records on the blockchain are continually merged with the old records to create reconciliation.

Blockchain database is not stored or kept on a single location, the records are scattered and made available to the public for verification. The blockchain records are not centralized, thus making it difficult for hackers to corrupt. Hosted and viewed by many millions of computer users simultaneously, its records/data are accessible to any user at anytime as far a user is connected to the internet.

This incorruptible record system allows different parties from different parts of the world to divulge information without the need for a central administrator. Transactions are processed by a network of users acting as consensus mechanisms to enable everyone create the same shared system of records simultaneously.

Blockchain being an incorruptible decentralized system of ledger that houses different records of users transactions, which also can be programmed not just to record financial transactions but also to keep the record of anything valuable. Information kept on an incorruptible blockchain system exists as a shared and continually reconciled database -All recent records on the blockchain are continually merged with the old records to create reconciliation.
Blockchain database is not stored or kept on a single location, the records are scattered and made available to the public for verification. The blockchain records are not centralized, thus making it difficult for hackers to corrupt. Hosted and viewed by many millions of computer users simultaneously, its records/data are accessible to any user at anytime as far a user is connected to the internet.
This incorruptible record system allows different parties from different parts of the world to divulge information without the need for a central administrator. Transactions are processed by a network of users acting as consensus mechanisms to enable everyone create the same shared system of records simultaneously.
The main advantage of decentralized blockchain technology is its elimination of risks associated with centralized control, all information’s/records are secured and available to the public. No central control by any financial institution or administrator which makes it easily accessible and difficult to be hacked. With a centralized database, anyone with sufficient access to the system file can destroy or corrupt the data stored on it. This puts users at the mercy of an administrator. An institution that uses this system of centralized server such as banks will definitely have to spend billions of dollars on ensuring their centralized server is not altered nor tampered with by hackers or any other person who wants to profit from their loss.

To understand blockchain better watch this explainer video

The main advantage of decentralized blockchain technology is its elimination of risks associated with centralized control, all information’s/records are secured and available to the public. No central control by any financial institution or administrator which makes it easily accessible and difficult to be hacked. With a centralized database, anyone with sufficient access to the system file can destroy or corrupt the data stored on it. This puts users at the mercy of an administrator. An institution that uses this system of centralized server such as banks will definitely have to spend billions of dollars on ensuring their centralized server is not altered nor tampered with by hackers or any other person who wants to profit from their loss.

 

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