5 Case Studies of Blockchain in Financial Services
It is unusual for the technology industry to coin a phrase that accurately explains what a new technology performs in the most basic terms. One such example is blockchain, which is precisely what the name implies. It is a technology that allows for the creation and storage of information blocks in a chain. When a new block is formed, it is added to this chain, forming what is known as a 'digital ledger.' While it has always been feasible to establish digital ledgers, blockchain ledgers have several revolutionary advantages over previous techniques. THE BENEFITS OF BLOCKCHAIN LEDGERS: Decentralized Blockchain technology distributes the digital ledger to many independent nodes, eliminating the requirement for transaction data to be processed and maintained by a single third party. Because the data is not stored on a single system with a single security mechanism, it is less likely to be hacked. It also removes the third party's ability to exert control over the transaction.