The blockchain system is a public ledger that works as a log by keeping a record of all online transactions in chronological order, secured by an appropriate consensus mechanism, and providing a fixed record.
Its exceptional characteristics include unchanging, irreversibility, decentralization, resolution, and individual. With these advantages, it has found applications in almost all fields requiring data sharing among multiple parties but with secure authentication, anonymity, and performance. You can find the best blockchain consultant facilities through online resources.
Some of the best applications are finance, real estate, and IoT, the banking industry, etc. Despite having several benefits, the blockchain also suffers from various disadvantages, particularly reaching consensus in a vast network quickly, energy consumption in computation, and requiring storage of the entire chain for verification. Here we discuss blockchain and, it is working in its principles.
Throughout time, the information technology and communication system have undergone numerous transformations for facilitating easier, quicker, efficient, and secure sharing and exchange of data, information, and funds in many ways.
With the broadcasting of the Internet, digital communications emerged, empowering all forms of data and information interchange through online transactions, such as financial transactions for making most secure payments and receiving funds.
The entire transactional and communication system goes through a trusted intermediary which not only guarantees safe and secure delivery but in the case of financial transactions, ensures accurate changes are reflected in multiple accounts.
This trusted party is doubtable in case of any failures in updating data or delays in delivery or any fraud. But with just a single network controller multiple questions arise: What if this trusted party becomes dishonest and cannot be trusted?. What if it is hacked and an attacker gets carry of all the data? This intermediary here acts as a single point of failure.