In this article, we are going to provide you the Top 10 Interesting Facts about Blockchain Technology. Today, Everyone discusses the Blockchain Technology. You can easily find someone who discusses this technology in major economic forum across our country. Right now, A common man may find difficult to understand it, but in the coming time, this technology is mostly used by the common man. We all heard about Cryptocurrencies such as Bitcoin, Ethereum, Zcash etc. From the Last 2 Years, this is a subject of discussion among all the investors. So, What is this Blockchain Technology all about? The Common Unknown things you all don’t know about Blockchain Technology, here we will discuss it.
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Top 10 Interesting Facts about Blockchain Technology
Top 10 Interesting Facts about Blockchain Technology Part 1:
- The blockchain is a technology which is commonly used in cryptocurrencies like Bitcoin, Ethereum etc. these days.
- It is popularly used to secure the Digital Transaction System. By the use of this technology, the expenditure of Banks will significantly reduce.
- With the Help of Blockchain Technology, the transactions are safe from penetration to some extent.
- In addition to the Secure the Transactions, this technology also significantly reduces the cost of online Transaction.
- Blockchain Technology contains a series of blocks which contains the data. Moreover, the network shares each block in an anonymous way to only the stakeholders within a network. All the Transaction related data is verified with the Stakeholders through credentials. The possibility of breaching is almost missing because the transaction works as a peer to peer connection. Furthermore, because of peer to peer connection, no third party intervention is present.
Top 10 Interesting Facts about Blockchain Technology Part 2:
- In this whole system, the participation of humans is very low, therefore, it is easy to track the transactions for cross verifications.
- Today, the entire banking system works on the Centralized IT Infrastructure. This Centralized IT Infrastructure is vulnerable to protect the customer’s data.
- We all know there are some common security challenges which the entire banking system facing these days. Examples are Fishing, Hacking, Spoofing etc.
- Moreover, these days banks, in fact, take help from third-party services. These third-party services, on the other hand, gets the highly sensitive data like KYC, authentication etc. This might be Vulnerable.
- The Blockchain Technology eliminates the need for authentication using the password. The Party can access the blockchain using an SSL Certificate which in turn contains the Hash Key. Moreover, the network records all of these hash keys. You can think of blockchain as a Single Linked List. Every block contains the hash key of its previous block. If someone somehow penetrates one block, he/she must have to change the hash key in other blocks also. Because of this Blockchain calls an Unhackable technology right now.