Advantages of blockchain technology in the IT-Industry
2 min readDec 5, 2019
In Blockchain, a block is a collection of data. Blockchain is used as a ledger. These blockchain ledgers keep track of and store data in different blocks, that are arranged in sequential order and are connected through cryptographic proofs.
Blockchain technology has many advantages in different industries, by providing more security even in unsafe environments. get more on blockchain on blockchain training
- Distributed:- As the blockchain information is saved in different computers of the network. If a block is added, each and every computer loads its blockchain to make the change. As the blockchain doesn’t store information in the only central database and is distributed, it is difficult for anyone to change the data. Even if any block is changed, only a copy of the block is changed not the entire network.
- Accuracy:- The interconnection of thousands of computers checks the transactions, on blockchain technology. There is no involvement of humans for verifying the data, so it leads to almost no human errors and increases the accuracy of data.
- Cost Reductions:- A small fee will be given by the business owner, to the banks when they accept credit card payments because their transactions are processed by banks. Whereas with the help of blockchain applications like bitcoin, it does not involve any outside transactions, and costs involved with them. know the important Blockchain applications in various fields in the it industry
- Transactions are efficient: Generally, transactions can take some days for completion. For instance, if you deposit a check on Friday evening, then you can’t see any transaction up to Monday morning as they work only for 5 days a week. Whereas blockchain technology works 24hrs a day, 7 days a week, transactions can be processed within a few minutes. This is useful mainly for international transactions, due to the difference in time zones.
To-get depth knowledge on blockchain. blockchain online training will makes you to understand and work on blockchain development
