The business environment today has completely changed from what it was, a decade ago. Nowadays, most people shop online and most of the businesses carry out online transactions. Most of the countries are now stressing on developing the cashless economies, and this is one of the biggest signs that the financial services industry is ready for a change, which might be brought to the forefront by “Blockchain”.
What is Blockchain?
Blockchain, a leading distributed transaction processing technology being used by the Bitcoin cryptocurrencies, is increasingly becoming one of the hot favorites of the technology industry as it offers highly secure online transactions.
Blockchain can simply be understood as a digital ledger, which, instead of being stored at one place, is present at multiple locations and records all the transactions made in the bitcoins or any other cryptocurrency across the globe. Being originally designed for Bitcoin, the digital currency, the tech community which designed it is now finding many potential uses for it. Owing to the unparalleled security provided by Blockchain for the online transactions, and the fact that it distributes the digital information instead of copying it, Blockchain is considered incorruptible and highly reliable.
There are many renowned firms which have adopted the Blockchain technology. For instance, Nasdaq is leveraging the Blockchain technology for its Private Market Platform. Apart from it, the companies like Samsung and IBM are testing the Blockchain technology for connecting the devices using IoT (Internet of Things).
What Makes Blockchain Extremely Secure?
Blockchain technology can be compared to the Internet in structure, but the one with an inbuilt robustness. By storing the identical information blocks (info related to the transactions) across its network, the Blockchain does not have a single point of failure and isn’t controlled by a particular entity.
Blockchain fosters an entirely new generation of the transactional applications which establish transparency, accountability, and trust. The Blockchain network is a self-updating network, which checks itself automatically every ten minutes, and any transaction which has happened within those 10 minutes is updated and recorded into the system. The Blockchain is a type of self-auditing ecosystem with digital characteristics. The Blockchain reconciles every transaction within 10 minutes and these transactions are referred as the “Blocks” of the Blockchain.
The Blockchain is completely transparent and cannot be corrupted, which implies, it is impossible to alter any unit of information in the Blockchain network, as changing a single block requires the hacker to override the entire network.
All the aforementioned features and aspects related to Blockchain establish the fact that it offers unparalleled security, and if you want to secure your online transactions completely, you need to deploy the Blockchain.
Flatworld Solutions is an established financial services firm that offers a broad array of services including bookkeeping services, accounting services, invoice processing services, tax processing services, cash flow management services, payroll processing services, financial analysis services and much more. With a team of trained accountants and financial services professionals and software professionals, we enable our clients to get access to the best-in-class services at highly competitive prices. If you want to know more about our service offerings or have a query/question pertaining to our financial services, you can mention your queries in the below-given comment box. Our executives will contact you with the apt solutions.
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