3 reasons why Blockchain is here to stay

Blockchain has achieved exponential growth in the last few years. One of the primary reasons behind this success is that blockchain has provided the world with functionalities that were once unimaginable.

Satoshi Nakamoto, an unidentified individual or a group, submitted a paper suggesting a technology that could transform the way people make transactions worldwide. That technology got accepted across the globe and changed the way people made their financial transactions. This technology was the blockchain technology. As it was introduced with bitcoins, the reach of blockchain was speculated to be limited to bitcoins alone. But with continuous research, extensive applications of blockchain were realized, allowing it to have a broader outreach.

1.  Blockchain has decentralized the system

Decentralization is one of the prime features of blockchain technology because focuses on removing the need for middlemen during a financial transaction. Previously, while making a financial transaction, people had to trust and rely on the banking authorities to transfer their money to another person’s account. With the decentralization feature being introduced in the blockchain, the need for such middlemen is eliminated, as there is no single authority to authenticate a transaction.

2.  Blockchain has introduced transparency

As decentralizing gets introduced in the blockchain, transparency comes along when anything gets decentralized. As the ledgers on blockchain are decentralized, everyone on the network can view the details and information stored on a ledger. A copy of the ledger is created on every system that has been connected on the blockchain. Because of this, any change in the network is directly notified to the users connected to that blockchain network.

3.  Blockchain has increased security

The blockchain’s security feature is popular because none of the blockchain networks have been hacked or breached as on date. Another reason blockchain is so secure is because it uses cryptocurrency and the blocks are secured with unique private keys.

Blockchain network is secure because of the cryptographic private keys. Whenever a person wants to make a financial transaction on blockchain, she is provided with a key that can be used to finalize the transaction between her and the person she is supposed to transfer the money to or accept from.

Blockchain is considered to be a technology that has several applications. It is said to be a technology that is disruptive, yet here to stay. Organizations are starting to find ways they can leverage blockchain in their operations to reap the benefits of this ever-evolving technology.