Making Sense of Block-Chain Technology, Block-chain is an example of the various types of databases. You can store any information on it, however, it is a different form of database because of its data structure, and not every database is a block-chain. The block-chain stores information in a group of blocks, the blocks are then chained and in case of new information, a new block will be created and added to the chain and becomes time stamped when completed.
Each block has a connection to another block and a new block can’t be placed into an existing chain. It is easy for you to trace changes which occur within due to their interconnection.
The Block-Chain Technology
Block-Chain technology helps to reduce fraud by listing every transaction made in a public ledger and the transactions are secure because of its transparency. An example is in the Bitcoin Block-Chain where every user has access to all the transactions that take place. However, the details about the person doing the transactions are not revealed.
Transactional data can’t be deleted by anyone. Every network member takes part in validating these, which are recorded permanently. Moreover, it can’t be manipulated, meaning it is secure because no one can destroy it.
It allows members of a network to be more confident. Only the members can access the data, which is accurate. Also, as they receive it at the same time, knowing of any progress or changes becomes easier.
Many businesses are using the internet as part of their marketing strategy. You can use Block-Chain technology to prevent yours from cyber-attacks. It will also facilitate developing trust for your investors to have more confidence in your business and increase productivity.