Do you know what is blockchain? If you don’t, then you might not be aware of its name. Basically, the blockchain is a decentralized ledger that was created to record the operations of digital assets and transactions. So when you use the term “blockchain”, you are referring to a ledger that is used for recording all sorts of data about an internet application. This application can be a video game, an online poker room, or a stock exchange.
The blockchain is a private ledger that is encrypted so that it cannot be tampered with. It is maintained by computers which also control the distributed database, therefore it is not possible for someone to modify the information stored in the ledger, unless they have all the confidential information about the blockchain. It is very secure and is 100% confidential. It is best suited for applications that are not open to the public but are prone to hacking or other forms of fraud. It is also a good option if the blockchain is shared between many users or between companies. There is no single entry point to access information on the blockchain, which reduces the risk of a user’s information being stolen by unauthorized users.
In today’s world, a lot of transactions are done online. These transactions are typically done in electronic form, but it is important that everyone gets paid. Some transactions can be delayed, or stopped if there is an error in the transaction, but this is not a problem for blockchain payments. Transactions are processed immediately and all parties are paid immediately. The processing of the transaction is done within seconds, giving the user a sense of security. Also, all participants are required to pay the same amount, eliminating the possibility of fees.