What is Blockchain?

Blockchain has almost become a buzzword in today’s technology landscape. Everyone is talking about it. But, have you truly understood the concept of blockchain, how it works, what problem does it solve? If not, you have probably been under the perception that blockchain is a complex technology, which can only be grasped by tech geeks. In reality, it is not the case. Blockchain technology undoubtedly has complex technical layers. But, at its core, it is powered by the most basic and simple workflow.

 

Blockchain is a decentralized ledger - a record-keeping mechanism that records and stores transactions at multiple places. This essentially means that there is no single entity controlling the process. Hence there is no single point of failure. 

 

In the existing systems, verifying, transacting, and recording - all these processes are controlled by centralized entities. In the case of technical failure or dishonest practices, the actual stakeholders do not have control over their data, money or any asset. Blockchain solves this problem by distributing the power of control across a network, where each participant has equal access. 

• Immutability: Data on a blockchain can only be entered, neither edited nor deleted, unless more than 50% of the network agrees to do so. 
• Transparency: Everyone involved in a blockchain network has equal access and authority. The technology runs on consensus and is democratic in its truest sense. 
• Security: Transactions over a blockchain network are cryptographically encrypted. Hence, there are minimum or zero security threats. 

 

These three factors, along with many others make blockchain a far better option than the existing systems of record keeping. Future’s Finance is an advanced blockchain solution that harnesses the power of artificial intelligence and machine learning to deliver financial services and optimize the way people handle their digital assets.  For more in for please check the website https://fufi.info/