Blockchain Technology and its impact on Various Business Sectors

Iotasol11 Apr, 2023Technology

Blockchain refers to a shared database that stores information differently from a traditional database. It allows transparent and unalterable tracking of all the transactions taking place between two parties or business networks. In a blockchain database, information is stored in the form of blocks. These blocks are linked together to form a continuous chain. Nobody can break or alter this chain without the prior consent of both parties involved in the transaction. This way, it becomes an unalterable ledger to keep track of various orders, accounts, payments, or any other kind of transactions. This system has the inbuilt capability to rule out any unauthorized transactions and create a consistent view of transaction history for all parties.