What is Blockchain?

A blockchain is a growing list of records or a public ledger of information collected, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block a timestamp and transaction data.

Blockchains are built from 3 technologies :

• Private key cryptography
• P2P Network
• Program (the blockchain’s protocol)

Why is Blockchain important?

Blockchain is important as it allows you to own digital goods, data, and assets. Blockchain is important because:

1 Own your Money on the Blockchain:

If you are living in a developed country so you can easily do online banking. But if you are living in a developing country then there are chances of devaluation of your currency.

Fortunately, blockchain provides Bitcoin, Litecoin and few other cryptocurrencies these are surprisingly less volatile than the local currency.

If you are living in a developed country soon you will be using blockchain through Facebook and Whatsapp.

2  Keep your identity and Personal Information Secure:

Blockchain technology will give you full control over your digital records. They can’t be hacked or altered.

3  Digital Freedom

In a blockchain, no central authority controls it or can manipulate it. Money and jewelry and some other source of assets can be seized by the government. But here no government can take away from you only you have access to it.

4  Privacy In the Digital World

You can protect your privacy by using these cryptocurrencies and your bank is not going to sell or share as they will not have the data. Only you have access to it.

Blockchain was created to recover control over our financial privacy.

Advantages of Blockchain Technology:

• You don’t have to depend on the third party of the verification process.
• There is no control of any authority. So data cannot be altered or deleted.
• As various protocols are needed to validate entry, so it removes the risk of duplicate entry.
• As the transactions are stored in millions of computers. So there is no possibility that data cannot be recovered if lost.
• Businesses can pre-set the conditions on the Blockchain. Through this automatic transactions are activated only when the conditions are met.

A Blockchain Development Company will help your business to develop blockchain technology. This will ultimately give you secure records of transactions.

Services provided by the blockchain development company include:
Smart Contract Development, Blockchain Exchange, Blockchain Wallet Development, Hyperledger Development and many more.