Since today, a lot of efforts and money put into doing research and develop blockchain technology. In addition, still research is doing in order to develop different aspects of this new technology. Generally, blockchain, is an advanced system for recording and managing data, which has its own unique features. We can use this technology for authentication, voting, financial transactions, supply chain, etc. in a secure and immune environment. In this article we are going to talk about why do we need to use blockchain?
There are different kinds of blockchains, which uses for different purposes. Those include private and public. For example, Bitcoin blockchain is a kind of public blockchain, which users do not need permission in order to use the data stores on it.
Why to use blockchain?
Blockchain has unique features, which separate it from other technologies. Here we are going to explain some main features.
- All the data on this network are unchangeable. Once a transaction is confirmed and recorded on the public ledger, there is no chance to change the data.
- It is totally immune against cyber and hacking attacks.
- It’s almost impossible to lose the data, which stored on it. The reason is that there are many network users around the world, which all have a copy of the ledger.
- It eliminates the middle-men. All the transactions on public ledger, perform peer-to-peer and directly between users.
- It reduces the costs. Along with quick transactions, it plays a significant role to reduce the costs.