BLOCKCHAIN
A blockchain is a distributed database that maintains a continuously growing list of ordered records, called blocks. These blocks are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.
BUSINESS BENIFITS OF
1) Time saving
2) Cost saving
3) Tigter seurity
Time saving
Blockchain slashes transaction times from days to minutes. Transaction settlement is faster because it doesn’t require verification by a central authority.
Cost saving
Transactions need less oversight. Participants can exchange iems of value directly. Blockchain eliminates duplication of effort beacause participants have access to a shared ledger.
Tigter seurity
Blockchain’s security features protect against tampering, fraud, and cybercrime.
Advantages:
Creates an audit trail that documents the provenance of an asset at every step on its
Disadvantages
It s hard to correct a mistake or make any necessary adjustmum