Blockchain is a digital peer-to-peer asset transaction exchange platform that is shared among a dispersed network of computers. It can seriously speed up bulk transaction completion and security. It has the potential to streamline your business operations, improve cyber security, and minimize or eliminate the need for middlemen. Blockchain finds many applications in the FinTech industry because of its priority on transparency and security. However, the technology is becoming popular around the world and finds many applications in other industries like healthcare, retail, insurance, logistics, real estate, media and more.
Security is integrated into the architecture of the blockchain itself, which is one of the things that makes it unique. The transaction time, transaction value, and transaction mechanisms are all combined together. Such a group is called a “block” and blockchain represents a chain of such transactions. The data in any specific block cannot be easily modified after it has been recorded. When one block is altered, all subsequent blocks must be updated as well, and this kind of alteration requires the majority(or even all) of the members on the network to agree with the alteration.