Blockchain Technology

Blockchain Technology

Cryptocurrency in a very simple definition is no different from using credit cards or online payment gateways except that it uses digital currency instead of fiat currency like dollars which is secured using a chain of blocks of information related to each other but not controlled from any central point.

Cryptocurrency is therefore designed to work as a medium of exchange that uses cryptography to secure its financial transactions, to control any attempt to create additional units in whichever application it is in. This blockchain technology is also very useful in verifying and recording of various transfer of assets ensuring clear tracking of every transaction done without losing a single unit. This is possibly where this virtual currency has brought about immense paradigm shift in the world of financial transactions and other valuable assets as more and more people continue investing into this blockchain technology.

The ability to verify and record information inform of chain of blocks with no single control entry makes it virtually impossible for hackers to attack with success because there is particularly no single point of failure. This has made blockchain very secure as it has proven so in the last 20 years of public testing and application.

This fact that blockchain technology has the capacity to distribute information without allowing duplication or replication has made the technology impossible to corrupt by all means and standards hence making financial transaction very safe and reliable. In future, all government important transactions like procurement, government records, voters registrations, land registry, immigration records will be conducted through blockchain technology to ensure zero interference from unauthorized persons and most importantly, providing a trail of every activity conducted by anyone in contact with the system, at the same time sealing the information from every threat of cyber criminals who continues to unleash attacks against all valuable information storage databases. Banking sector will definitely benefit most from blockchain technology breakthrough.