An ingenious invention by Satoshi Nakamoto, the Blockchain Technology is becoming the most sought-after skill by companies in 2018. Initially devised for Bitcoin, the potential uses of the technology has made it popular in the last few months, with more and more companies looking forward to incorporating it to revolutionize contracts, payments, recruiting as well as cloud storage.
Imagine digital information being distributed but not copied. This is what the Blockchain technology is all about. Blockchain works as an incorruptible, de-centralized database which is distributed across a network and continually updated. As you can imagine, this is a radical beginning to sharing information on the internet. The technology is quite functional, owing to the number of uses it can be assigned for. Let’s take a look at the benefits of Blockchain technology to understand why more & more businesses are interested in investing in it.
Decentralized & Secure
The blockchain database is not stored at a particular point, it is a continuously reconciled public database. Without any centralized version, it makes impossible for hackers to steal the information or corrupt the database. The database is hosted by thousands of computers at once and kept in sync at all times. Businesses have been transferring information back and forth, but what if information can be shared with everyone without worrying about a security breach? That’s where the blockchain technology comes into play.
A decentralized technology allows for greater security. This is how the largest digital currency in the world is running on it. The crypto-currency is managed by a network and not just one central entity. Storing data across its network abolishes the risks in security. This leads to a highly secure database that is publically available and still not open for modification. This could also play a great role in stock market trades and for that matter, in various other things. The blockchain technology uses encryption as security methods that allow for setting public and private keys. Take for instance Bitcoins, where a public key is used as the user’s address and a private key for the user to access his Bitcoin information. The only thing required here is to safeguard the private key using a paper wallet.
Durable & Robust
The technology is as robust as the internet itself. It is not controlled by a single person or entity and has certainly no single point of failure, which makes it durable and reliable. When we talk about Blockchain technology, we are basically talking about no human or machine errors, an ever-growing indestructible database. Data once stored can neither be modified nor deleted. Altering any data will require an enormous amount of computing power.
Why Are Businesses investing in Blockchain Technology in 2018?
Blockchain is the new internet. It has revolutionized payments, cloud storage, smart contracts, and much more. Blockchain is making money transactions easier and quicker, becoming more and more relevant for businesses from every field. Businesses are looking forward to incorporating the technology this year and it can be expected that the technology will take over in the next few years.