Blockchain is inevitably one of the rising technologies of 21st century. As we are steadily moving towards mass adoption of the technology here are few benefits why you should know more about blockchain technology.
No Central Authority
Blockchain is a distributed, digital information ledger, meaning there isn’t one authority adding, editing, deleting or in any other form controlling information on it.
No Single Point of Failure
As information on the blockchain is shared with all participants of the network, it is very hard (in some cases next to impossible) to corrupt this information. We use a word immutable — once information is accepted to be correct, it cannot be changed.
Information with a History
If we are looking at an ownership of car in regular database, we can see the ownership and key characteristics of the vehicle. Using blockchain technology we can store information about all the owners, dates when ownership has been changed, technical inspections, repair shop appointments, mileage and even manufacturers of each component of the car.
