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How Blockchain Can Benefit an Industry
With the use of blockchain technology, transaction records are becoming more open. Because blockchain is a type of distributed ledger, as opposed to individual copies, all network participants share the same documents.
By
Apac CIOOutlook | Monday, January 04, 2021
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With the use of blockchain technology, transaction records are becoming more open. Because blockchain is a type of distributed ledger, as opposed to individual copies, all network participants share the same documents.
Fremont, CA: Innovators are investigating ways to use blockchain to disrupt and change conventional business models through global supply chains, financial services, healthcare, government and many other industries. Major market advantages have already been achieved by many industry leaders, including greater transparency, enhanced security, improved traceability, increased productivity and transaction speed, and reduced costs.
With the use of blockchain technology, transaction records are becoming more open. Because blockchain is a type of distributed ledger, as opposed to individual copies, all network participants share the same documents. The shared version can only be modified by consensus, which means that it must be decided upon by all. It would entail the modification of all subsequent records and the collusion of the whole network to modify a single transaction record.Therefore, data is more precise, consistent and transparent on a blockchain than when it is moved through paper-heavy processes. It is also open to all participants with allowed entry. It would entail the modification of all subsequent records and the collusion of the whole network to modify a single transaction record. That, you know, can be a headache.
Increased Security
Blockchain is safer than other record-keeping schemes in many ways. Before they are registered, transactions must be agreed upon. It is encrypted after a transaction is authorised, and connected to the previous transaction. This, along with the fact that information is stored instead of on a single server through a computer network, makes it very difficult for hackers to compromise the transaction data.Blockchain has an ability to really transform how important data is exchanged by helping to deter fraud and illegal activity in any sector where the protection of sensitive data is crucial.
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