A blockchain, initially known as block chain, is a developing rundown of records, known as blocks that are connected with the help of cryptography.
Each block consists of a cryptographic hash of the last block, a timestamp, and the transaction information. By plan, a blockchain is impervious to change of the information.
How can your benefit with Blockchain technology?
- The very first and major use of this technology is the real-time sharing of data between multiple entities which allows easy access with real-time updated data available to each of them
- Blockchain increases the transparency between different parties as the work can be tracked from the point of initiation to its current progress with each and every change and important updates recorded with date and time stamps. This allows businesses to streamline their supply chain and even manage their logistics in a more efficient manner.
- Another major use of this technology that is being used by organizations is for background checks of potential employees to track their record and work statistics with the previous employers.
- Blockchain can be used as a platform to send payments through cryptocurrency like Bitcoin from across countries. This diminishes the cost that is incurred for outward remittance of foreign or domestic currency charged by the banks.