Blockchain is a powerful invention of the modern era, a technology which has gained popularity due to the introduction of and hype surrounding Bitcoin. However, over the past decade, blockchain has evolved as a revolutionary technology set to disrupt most industries including financial, educational, healthcare, and many more.
Up to this day, people use the words blockchain and Bitcoin interchangeably, even though the two are separate things. Blockchain could and has been used for more than just cryptocurrencies. Bernard Marr defines blockchain as “an open, decentralized ledger that records transactions between two parties in a permanent way without needing thirdparty authentication”.
This means that the transactions recorded on the public ledger cannot be tampered with and, without needing the involvement of third parties, blockchain will drastically reduce the cost of transactions. Blockchain has plenty of advantages, as shown below:
Reduction in human errors
Transactions on blockchain have to be verified by a network of thousands, if not millions, of computers, which will get rid of human errors and lead to a more accurate record of data. For an error to spread to the entire blockchain, the error would have to be made by a minimum of 51% of the blockchain network’s computers. This is if the blockchain platform uses a Proof of Work consensus algorithm.
Because the blockchain technology is almost always open source, users on the network can alter the code as they wish but only if 51% of the network is supporting them. This makes it nearly impossible to alter data. Any change can be noticed by a huge community of millions of computers.
The blockchain technology has other advantages like efficiency of transactions, because transactions can be completed in a few minutes rather than days, like it does when using traditional financial institutions.
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