Blockchain technology is an advanced database mechanism that allows information to be shared transparently across enterprise networks. Blockchain databases store data in blocks that are linked together in a chain. The data is consistent over time because the chain cannot be deleted or modified without the consensus of the network. Thus, you can use blockchain technology to create an immutable or immutable ledger to track orders, payments, bills, and other transactions. The system has built-in mechanisms that prevent unauthorized transactions from entering and create consistency in the shared view of those transactions.
Blockchain has many uses, from cryptocurrencies to certificates, smart contracts, and transactions.
This technology's main function is to mark various information, such as:
- As the amount of coins that were transferred
- Who sent it?
- Who received
- And until when was this transition made?
Like much of technology, this database has no owner, everyone involved is interconnected on the same network.
Because it is a new technology, there are some problems that may make people not trust this information bank, such as:
- The software is flawed
- Blockchain is not always suitable for storing data
- It is not necessarily safe
- Blockchain-enabled smart contracts are overhyped
These are the 5 applications of Blockchain in companies:
- Transition validation
- Smart contracts
- Payment system
- Cloud storage
- Supply Chain
Blockchain and Bitcoin are the same thing, Blockchain is a kind of database where Bitcoin and other digital asset transactions are stored.
There is still no definitive answer, but they believe that Blockchain chains are the future of the economy and technology.
