A possible solution to the government’s trust and security issue.
Blockchain Technology has gained its popularity due to its main characteristics of transparency and security that has been an issue through a centralized system in our governments and businesses for a long time. Some perceive this as a solution, although questionable to some.
What is a blockchain?
The blockchain is an open, distributed ledger, illustrated as a block and a chain that binds each block to one another. Each block can save data, and transaction records, efficiently and permanently. Meaning, there is no way to overwrite, edit, or delete a record on a block. Hence, changes may add as a new block on the system.
How secure is it?
It has a high degree of security by cryptography that uses an algorithm to transform each data, and it diversely runs on a decentralized system, where information is distributed and shared amongst the users. Thus hackers will have a hard time to recognize and hack the system.
What’s the benefit?
It runs a peer-to-peer network that shares resources or data directly to one another, eliminating third parties such as banks, remittance center, or being controlled by a single entity, where it is easy for information to be lost, edited, and forged as we can’t see what’s happening in the system. Contrary to blockchain technology that runs on a decentralized system.
People are optimistic about this technology, in the act of using it in the different sector of the government and businesses in a few countries now.
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