Blockchain is popularly known as the underlying technology behind Bitcoin. It uses a peer-to-peer network of computers to validate transactions. This just means that it is a data structure to create and share distributed ledger of transactions among a network of computers. It allows users to make and verify transactions immediately without a central authority. This is HUGE to ensure that our data is not hacked and secure.
What are the benefits of Blockchain technology
Below are some of the important benefits why we are implementing blockchain technology:
A Data structure built using blockchain allows users to make and verify transactions without a third-party involvement. This strongly reduces the risk of a backdoor transaction and unauthorized intervention. The more widespread the environments, the more difficult it is to tinker with data. Our goal is to always make sure your data is safe and secure.
- Faster transactions:
Physical financial markets even working with digital documentation does takes longer time to execute transactions. Inter-bank transactions can potentially take days for clearing and final settlement. An instantaneous settlement would transform an industry such as transportation and energy, potentially saving billions from increased back-office efficiency and automation.
- Reduced transaction costs:
A transaction system build using blockchain eliminates third party intermediaries and overhead costs for exchanging assets. Blockchain technology can be leveraged by all companies to reduce governance and audit costs and to provide better products with faster time to market. This is a critical driving force for us. We want to make sure that you are getting your data quicker and faster.
Blockchain technology is more efficient, transparent and cost-effective for new generation of transactional applications. We are aiming to be the first social media platform to offer these capabilities
Stay tuned. In the coming days, we will be making some INCREDIBLE announcements as we leverage Blockchain more and more.