WANT TO KNOW ABOUT BLOCKCHAIN TECHNOLOGY
Here is the complete explanation for you
What is block chain?
Block Chain is a distributed database that is used to maintain a continuously growing list of records, called blocks. With a Block Chain, many people can write entries into a record of information, and a community of users can control how the record of information is amended and updated.
The algorithm used in blockchain reduces the dependence on people to verify the transactions. This technology used for recording various transactions has the potential to disrupt the financial system.
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How blockchain provide the solution for
Fraud – Two parties are able to make an exchange without the oversight or intermediation of a third party, strongly reducing or even eliminating counterparty risk. This reduces the chance of fraud.
Hacking – Block chain offers complete security to the sensitive data. It safeguards all the information and there is no way the information could leak. It offers 100% security to the data like transactions and database blocking the chance of Hacking.
Loss – Blockchain offers tremendous savings in transaction costs and time.
Late Delivery – Tracks all changes in the shipments and informs all related parties about the changes.
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