What is Blockchain Technology?
Blockchain is a distributed application protocol that allows users to maintain a digital ledger of transactions that have been executed and to allow the transactions to be shared.
Node participates in peer-to-peer blockchain technology. Each node in the blockchain network contains information of transactions and each transaction can be viewed by all nodes in the network. Blockchain creates a new blockchain with each new block added. Each new blockchain is spread over a network of nodes. There is no central server that keeps track of each transaction made. Each peer and node keeps track of the blockchain and keeps its own copy of the blockchain. Blockchain heavily relies on cryptography as it is an end-to-end encrypted blockchain. You may have questions related to cryptography that what it is. Generally, cryptography is the technique through which information can be secured and only the intended person can understand which really prevented unauthorized access.
Pros
- The best way to secure information as all the transactions is private and secure.
- Great alternative of banking.
- There is decentralization in each and every transaction.
- Decrease in cost by kicking the third-party interruption
- Accuracy and efficiency eliminating minimal human intervention
- Transparency
- New Technology
Cons
- Privacy concerns
- Ilegal activity occurring periodically
- Proper regulation required
- Job scarcity
- Immutable transaction ones confirmed