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Today perhaps few technologies have the capability to completely transform all the industrial, financial, health, energy, defense, and other intensive verticals as blockchain has proved to be. The single peer-to-peer distributed and decentralized ledger system has disrupted the entire market by providing the most secure platform to conduct data transaction. Since the information uploaded on a chain is registered as blocks. Each new information within a block is linked with the previous one to create a chain.
It provides the best security measure as all the data stored on a blockchain is encrypted and cannot be tampered or changed by a hacker, thus creating a trusted source of information. In fact, this feature of blockchain brings forth data transparency as all the individuals associated with the chain are able to view the same data sets as the others. This provides the additional advantage of reduced time and costs associated with data transaction.
Blockchain has essentially broken past the big data barriers; users lacking data storage space can upload the information on a chain and process it within the technology itself. But the selling point of the technology is its security features as it provides the users the ability to encrypt a data with a specific passkey, which will only be accessible to the authorized personals. Thus, it effectively prevents data breach even after being shared with all the systems within a project.
The blockchain is one of the most trending technologies of the 21st century and it has become an investor magnet. Startups and businesses that offer or integrate blockchain within their solution are more likely to receive investor’s attention and backing. Today block chain is being used by the finance market to redesign the legacy system, the government to track assets, healthcare system to protect confidential information, and other sectors to access permission levels for the employee hierarchy.