It is essential to know the purpose of Blockchain and why one must go in for it? It is important to be aware of its significance in our daily dealing in the financial sphere.
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The year back, ICICI Bank did announce that it would successfully execute transactions in the international trade finance and remittances making use of blockchain technology in partnership with a Dubai based bank Emirates NBD.
In 2008, a cryptographer referred to by a pseudonym Satoshi Nakamoto did create a crypto-currency called bitcoin. What is bitcoin? Bitcoin digital currency that does allow one to perform peer-to-peer transactions without the help of a third party such as banks.
Purpose of blockchain technology:
A blockchain happens to be an anonymous online ledger that makes use of data structure in order to simplify the way we transact. Blockchain does allow the users to manipulate the ledger in a secure way without the help of another third party.
The ledger of a bank is connected to a centralized network. No doubt, a blockchain is rather anonymous, thus protecting the identities of the users. This does make blockchain a more secure way to carry out transactions.
The algorithm made use of in blockchain does reduce the dependence on people in order to verify the transactions. This technology does make use of for recording various transactions as the potential to disrupt the financial system has to be taken care of.
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- Utilizing a given blockchain approach rather than a database for recording the exchanges would indeed permit one to rather maintain a strategic distance from the possibility that a solitary offender could no doubt change the information in a rather unapproved course.
- On the whole, a blockchain framework will be quite organized with the goal that different hubs do check a pending exchange before it is actually gets recorded.
- Using a blockchain approach instead of a database for recording transactions would allow avoiding the possibility that a single culprit could change the data in unauthorized ways without being noticed.
Generally, a blockchain system will rather be structured so that multiple nodes can verify a pending transaction before it gets recorded. A blockchain is no doubt effective when there is a chain of transactions such as ownership.
Other advantages of making use of a blockchain that comes when there is a requirement for a common record between the firms or entities who are not required to trust one another.