Actually, this technology is based on an exquisite methodology including connected blocks of data locked with a hash. Am I sounding a bit incomprehensible? Let me explain.
Succinctly, it is considered as a distributed chain of blocks, where a block is a collection of all essential data and the chain denotes the connection pattern among these blocks. In more simple language, these blocks are linked with each other, thus it is known as chain of blocks. Though, the interesting point ishttps://npfinancials.com.au/
what facilitates this connection? and why this connection is robust and invincible?
Well! the answer is crypto hash, that is also known as time stamp. This crypto hash sticks with every block of data and keeps data safe, even when the data is in a distributed manner and modifications can be made in real-time. So, now you would have got the idea that what is this technology.
Furthermore, we all know that the links of this technology are associated with bitcoins, but many of us have this belief that its use is limited to cryptocurrencies only. But this is not true, its utilization is growing and it is being embraced for many processes across a variety of industries. This technology has the ability to do many things. Let’s find out what else this technology can do.
Supply chain Industry
In the current scenarios, where supply chain industry is spread over a larger area (national and global), there is a lack of transparency in this system. As manufacturing is global, it is hard for buyers to know the actual value of products. Blockchain technology offers a distributed ledger system that can be used for the exchange of data, agreements, tracking, and payments. In this system, every transaction will get recorded on a block whose multiple copies would be shared on multiple nodes (computers), it serves high-grade transparency