Description:

• Blockchain is Commonly associated with cryptocurrencies, numerous industries are starting to move their payments and transaction needs to the blockchain.


• Blockchain is so versatile that besides recording financial transactions, it can store medical records, conclude binding agreements, track the flow of goods, store personal credit records, track the provenance of artwork, and even verify payments through a supply chain.


• As data breaches continue to be a problem for organizations worldwide, with each breach costing an average of $3.86 million in 2020 , blockchain offers companies a way to save money and safeguard their data and operations.

Process:

Blockchain works via a multistep process, which in simple terms happens as follows: An authorized participant inputs a transaction, which must be authenticated by the technology. That action creates a block that represents that specific transaction or data. The block is sent to every computer node in the network.

Benefits :

Advantages of blockchain revolve around one of its main characteristics – Decentralization, ensuring a higher level of data integrity throughout multiple operations.

Decentralization of Storage Systems :

In recent years, there have been millions of cyber attacks on organizations. And one common element between all the organizations is that they used a centralized system. This means that a hacker can access a large amount of a company’s critical data in one place.