Why do we need blockchain?
Megha
Last Update 2 years ago
Reliability: Blockchain architecture is frequently replicated. In the event of a large attack on the system, most nodes will continue to operate the chain.
Time savings: Blockchain plays a critical role in the financial industry, by allowing for faster trade settlement because it eliminates the need for a lengthy process of verification, settlement, and clearance because all stack holders have access to a single version of agreed-upon data from the shared ledger.
Trustworthy: Blockchain validates and confirms the identity of those who are interested. This eliminates duplicate records, lowers rates, and speeds up transactions.
Unalterable transactions: Blockchain verifies the unchangeability of all activities by registering transactions in chronological sequence, which means that once a new block is added to the chain of ledgers, it cannot be withdrawn or modified.
Security: Attacking a traditional database is the act of bringing a specific target down. Because each party has a copy of the original chain thanks to Distributed Ledger Technology, the system stays operational even if a substantial number of other nodes fail.