A blockchain is a decentralized database in which records are stored. It is public (transactions stored are seen by all), immutable (the records stored cannot be changed), secure and private (the identity of users are protected), fast and sure and so can be trusted for use by large and small companies. With the aim of creating a technology to store records, the use of blockchain came up with the invention of the first ever known cryptocurrency.
- It is secure
- It is immutable
- Saves time and cost
- Protects the users’ identity
- Reduced transaction fees and time
- Suitable for storage
- No need for intermediaries
- Everyone has access to data available on the blockchain
- It is useful for a whole wide range of limitless applications in several industries.
The blockchain can be used to store a variety of records. There is no restriction to how the blockchain can be used in the storing of records. Blockchain can used to store health records, business transactions, management records, financial records and so many others.
Smart contracts enable services, products or information to be bought and sold in a fair, honest and automated way without the need for a trusted third party to enforce the contract.