Benefits of Blockchain Technology on Your Business

Overview

Blockchain technology is a platform where not only a digital currency but anything can be digitized and its records are kept. Simply put, a blockchain is a digital ledger. Any transaction that happens on it is visible on every computer connected in the chain. It is called the backbone of cryptocurrencies. But it is used not only in cryptocurrencies but also in many other fields. It is a secure and decentralized technology that is almost impossible to hack.

Benefits of Blockchain

Data will be completely secure:- Blockchain-based system is quite secure. This is a great advantage of this technology. Talking about the way blockchain works, this technology creates an immutable record of transactions with end-to-end encryption, which helps prevent fraud and unauthorized activity. Furthermore, the data on the blockchain is stored in a network of computers, making it nearly impossible to hack.

How does Blockchain work?

Blockchain allows digital information to be recorded and distributed. A blockchain is a record of transactions that cannot be changed, deleted, or destroyed. Blockchain is also known as Distributed Ledger Technology (DLT). Blockchain first came about as a research project in 1991 but was put to use in bitcoin in the year 2009. It is now being used for many other purposes along with cryptocurrencies.

How is it different from a database?

Blockchain and databases have a lot in common. A database is a collection of information of any system. Blockchain is also similar to a database. But it collects information under several categories. These groups are called blocks. These blocks are linked to several other blocks, which form a chain of data. That’s why this system is called Blockchain. Unlike normal databases, there is no single authority control in a blockchain. The thinking behind this was that it would be run by the user only.

How did blockchain get its name?

Blockchain is made up of two words. The first block and the second chain. Block refers to a lot of data blocks in blockchain technology. Meaning the key data is kept in these blocks. Different boxes contain currency data, and they are linked to each other. A long chain of data gets created. As new data arrives, it is entered in a new block. When the block is filled, it is appended to the new data. Similarly, all the blocks are connected to each other.

 Ramestta Network is a public blockchain network with a multi-asset ledger and flexible smart contract that aims to be a decentralized application (DApp) development platform. Ramestta is a cryptocurrency that relies on the Proof of Stake consensus mechanism.