What is Blockchain?
A "block" is a collection of data and each piece of data is added to the blockchain by connecting one block after another in a chronological way,much in the same way a row of a spreadsheet follows another row. Blockchain is a ledger which is immutable i.e once something is written in it, It cannot be changed or removed. This ledger stores information, which can be anything from transaction information to persons details.
Different areas where the Blockchain Technology can be applied are
Banking Sector
Financial Institutes
Insurance Sectors
Media and Entertainment Sector
Government and Public Sector
Healthcare and Life science sector
Retail and E Commerce Sector
Automotive Sector and more
Why Blockchain?
There are MANY features that makes a Blockchain different from all other data structures in Market Right Now. There are no centralised databases in a Blockchain. No one individual or party in the system has the power to modify or tamper with the data.
Greater transparency
Enhanced security
Improved traceability
Increased efficiency and speed
Reduced costs
Decentralized