We all have one common misconception about blockchain technology is that it is developed to power bitcoin. However, one can’t deny that this was its original purpose, apart from that blockchain is capable of so much more one could never imagine.
Blockchain is short form for a complete set of allocated ledger technologies that can be used to save and track anything of value, it may vary from financial transactions to medical records or even records of land.
Let’s discuss why blockchain technology stands to revolutionize the way we communicate with each other. Blockchain technology is now trendy and used in different industries like healthcare, Financial institutions, Government departments, sports betting etc.
Blockchain stores the data in small sections, and these are known as blocks, the blocks are linked together in a chronological manner to form an uninterrupted line.
The proof-of-work will be attested by the network, if it has no issues, the block will become a part of the chain. These math puzzles and verification process done by many computers guarantees that we can trust each and every block on the chain.
As we now know, all blocks added to the chain have been verified to be true and can’t be tampered with, so Anne can simply show Steve land title information directly. This would save time, money and eliminates middlemen.
The execution of blockchain technology in developing mobile applications gives advantages like transparent and flexibility, and also, it also helps in preventing frequent app crashes and server down issues.