Blockchain in simple terms is a distributed database that is used to record transactions in a permanent, public and verifiable way.
The technology is often referred to as the “next Internet” and was invented by the person or persons who created Bitcoin. Since then, entrepreneurs, startups, financial institutions and even governments have been trying to figure out ways to utilize this powerful technology to make transactions safer and more efficient.
The technology has the potential to disrupt how the world operates, and some believe that it will have a bigger impact than the Internet. In this article, we’ll examine the various ways that blockchain technology could disrupt the financial services industry.
The Features of Blockchain Technology Blockchain technology has a number of features that make it so appealing, such as:
- Decentralization
- Transparency
- Trustless transactions
- Immutability
- Security
- and resiliency
For instance, blockchain technology creates a public ledger that is almost impossible to change or hack. This makes it very secure and resistant to fraud. Blockchain technology also provides a certain level of anonymity, although it is not completely anonymous. When a transaction is made, the information is made anonymous by encrypting it using a private key.
Blockchain is also completely transparent and visible to everyone. The information is stored in real time and is available to everyone with an Internet connection. However, it should be noted that blockchain technology is not completely immune to hacks, as shown by the recent hacks.
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