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Power of Blockchain


Think of a blockchain as a historical record of
transactions.
Each block is “chained” to the previous
block in a sequence, and is immutably recorded
across a peer-to-peer network.
Cryptographic trust and assurance technology
applies a unique identifier or digital fingerprint
to each transaction.
Trust, accountability, transparency, and security are
forged into the chain.
This enables many types of organizations and trading
partners to access and share data, a phenomenon
known as third-party, consensus-based trust.
All participants maintain an encrypted record of
every transaction within a decentralized, highly
scalable, and resilient recording mechanism that
cannot be repudiated.
Blockchain does not require any additional overhead
or intermediaries.
Having a decentralized, single source of truth reduces
the cost of executing trusted business interactions
among parties that may not fully trust each other.
In a permissioned blockchain, used by most
enterprises, each participant maintains an
encrypted record of every transaction.
Any company or group of companies that needs a
secure, real-time, shareable record of transactions
can benefit from this unique technology.
There is no single location where everything is stored,
leading to better security and availability, with no
central point of vulnerability.
Blockchain is a ledger of decentralized data that is
securely shared.
Blockchain technology enables a collective group of
select participants to share data.
With blockchain cloud services, transactional data
from multiple sources can be easily collected,
integrated, and shared.
Data is broken up into shared blocks that are chained
together with unique identifiers in the form of
cryptographic hashes.
Blockchain provides data integrity with a single
source of truth, eliminating data duplication and
increasing security.
In a blockchain system, fraud and data tampering are
prevented because data can’t be altered without the
permission of a quorum of the parties.
A blockchain ledger can be shared, but not altered.
If someone tries to alter data, all participants will
be alerted and will know who made the attempt.
There are four major types of blockchain networks
public, private, consortium, and hybrid.
Each one of the platforms has unique benefits and
use cases.
With many practical applications for the technology
already being implemented and explored,
blockchain is finally making a name for itself in no
small part because of bitcoin and cryptocurrency.
As a buzzword on the tongue of every investor in the
nation, blockchain stands to make business and
government operations more accurate, efficient,
secure, and cheap.
The next decades will prove to be very important
for the growth of blockchain.
What are your thoughts on the power of blockchain?
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