The blockchain is new. Yet it has the potential to change the way things function today. It can completely replace the systems in many sectors like banking and even data management. But why is it that tech giants have put their faith in a tech that is certainly not time-tested? What is it that makes it so reliable? Why is Blockchain a trusted approach?
The answer to all the aforementioned questions can be found in the very definition of Blockchain. If you know what it is, how it works and what are its advantages, you would do the same thing i.e. consider Blockchain a very reliable tech.
Blockchain has the ability to solve many prevalent problems with one go. It can address the security concerns of the current record systems, it can improve the way things are stored but most importantly, and it can address an issue that has long been bugging many of us – privacy and at the same time transparency.
The main reason that so many organization have been able to adopt this amazing tech and bend and mold it into the shape they see fit is because Blockchain, just like the Android OS, is open-source. That is one of the determining factors behind its popularity.
Secondly, the way things are stored, records are kept are in a way that has long been in demand. Records are decentralized. They are present with everyone. Every person on the network has a copy of the records and is updates it from time to time. Moreover, to take in a record it needs to be validated by majority members in the system. All these make it secure as it is difficult to corrupt all the network clients at a given time.