In technical words, blockchain technology is basically a decentralised digital ledger which keeps the records of all the transactions. In simple words, the blockchain technology is a kind of book which keeps the records of all the transactions, be it what goes out or be it what goes in, it is the record of all the transactions. In earlier times, traditional ledgers were used but in traditional ledgers, it was quite difficult to maintain the records and due to human errors, people have to face the problems but with the introduction of the digital ledgers or blockchain technology, the transactions became more strong as well as vast. The more interesting thing is that no intermediary man or middle man is involved in it.
As the name suggests, blockchain consists of a chain of blocks where each block consists of a part the former block. The same block also consists of the records of transactions. Not only the one party but both the parties can secure the details in the blocks and can use it later on, whenever needed. Do you know, what kind of network makes the use of blockchain technology possible? A peer to peer network is used for the safe transit and secure transit of the digital information.
How blockchain certification & blockchain technology is better than traditional form?
The introduction of the blockchain technology was not for the generalised usage but it was designed to have a good deal with the bitcoin but nowadays, the blockchain technology has converted into a bigger revolution. Moreover, it is one of the major talk of the town. Just after the introduction, this technology has to face a lot of criticism but after the complete study and revision, this technology believed to be the more secure, more useful and more productive. Now, it has been used as a secured form of the storage of data and one can use it whenever required.
More productive- It is an important reason behind using the blockchain technology as compared to the traditional methods. In traditional methods, one has to record all the data in the papers. The papers are easy to restore if they are in a small number but if the data is huge then it is very difficult to store the data in the papers. Apart from this, a lot of human effort is required to have the records of whole data because the traditional mode of storage have the higher chances of human errors. This methods also reduce the productivity at the workplace. The energy which a man is spending at the paperwork, he/she can use it at any other or more productive place.
More secure- It is also another reason but the major reason which is making the latest revolution in the technology. The data of transactions is very important and what if, even a single payer of the data lost and it can cause a havoc in the business. That is why the blockchain technology or digital form of data storage is considered as a more secured way of storage.