Examining the Revolutionary-Block Chain Technology
As the revolutionary block chain has come to present broader technological solutions than its intended purpose of facilitating ingenious transaction of crypto currency, it has indeed come to capture the attention of mainstream IT.
So, as we try examining the block chain, the first question that needs to be answered is what is the Block Chain? Well, in simple words, it is nothing but a decentralized public ledger for crypto transactions, where every transaction in the network is recorded in the form of a block, resulting in a permanent recording of each consecutive block of transactions, as a result, enabling sheer transparency and security of every transaction in real time.
The biggest positives of such a technology are its potential to provide impenetrable security, elimination of all sorts of middleman, and make highly valuable transactions possible in a jiffy. As every transaction in the block chain is processed just one at time, every block is unique in itself, in addition a block or transaction can only be committed, if all the members in the network have validated it. Bolstering this is the aspect that each block is connected permanently to each other, henceforth, making it impossible for the existing technological avenues to breach the smoldering technology.
As one of the biggest concerns for financial institutions engaging in high value currency transaction is the pervading presence of middleman, clouding the transparency and time involved in the transactions. Block chain technology has its original purpose in facilitating high value crypto currency transactions in a decentralized network, enabling the primary entities to have direct transactions with at most transparency in real time.
What makes this technology so much more resounding is the fact that it has its own user interface in the form of wallet applications which people can use for purchasing assets with bitcoin, store other crypto currencies, and have a complete record of every transaction.
Thus, the coming of bitcoin has indeed come to revolutionize information technology.