Here is What You Need to Know about Blockchain

Those of you who are not familiar with the blockchain technology but wish to understand it, this article will exactly help you do that. Here, we are going to cover what blockchain technology means, how is it important for business and if it has any security issues or not.

Blockchain is responsible for making some major alterations in how businesses work. Invented in 2008 by Satoshi Nakamoto for applying it to the cryptocurrency named Bitcoin, blockchain has found its way into multiple industries today.

The blockchain industry is flourishing and creating employment for lots of people that are well versed in this technology. So, there is a growing demand for business blockchain specialists holding relevant blockchain certifications who have an in-depth knowledge of how blockchain functions and make use of the same learning to create applications based on blockchain for different organizations.

What do you mean by blockchain technology?

A computing model that is replacing the traditional methods of processing transactions is referred to as blockchain. And the reason behind the success of blockchain technology is that it offers a much faster, safer and cheaper way to record transactions than the conventional procedures.

The unique selling point of this distributed ledger (blockchain) is that without the presence of a central authority, it lets its members (people or things) transact with one another. For example, it makes it possible for you to centrally record as well as maintain your medical history in a blockchain ledger. And the access to the information will only be provided to authorized hospitals along with healthcare providers.
This is why we say that blockchain has the power to change how businesses function. As every organization today is trying to leverage it for making things more organized and eventually enhancing their profits.

Has blockchain grown entirely mature and are there any security issues attached to this technology?

Well, some experts believe that as blockchain is still in its emerging phase, there is a need to be cautious while using it. Not all its uses are completely developed or tested. So, the adopters could face some huge risks over the next few years. Furthermore, the section of business that is responsible for selling along with supporting blockchain technology is not entirely shaped as yet.

Security issues

The security of blockchain is top notch. It is believed to as secure as any of the certificate encrypted technologies used by almost all of the internet facing systems.

When blockchain is used by other systems, that is the time when the security issues arise. We can explain this with an example that involves the usage of credit cards for making online purchases. In a normal scenario, when an encrypted transaction takes place over the internet to the website of the retailer, it is entirely safe. But if someone steals your credit card and makes a fraudulent effort to purchase something, a problem arises.

So basically, the internet transaction is not unsecure, the things at risk are the safe storage along with the usage of a credit card (electronic wallet). But despite everything, blockchain will be deployed by companies for its various advantages.

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