Blockchain technology

 Blockchain technology

A blockchain is records linked one another, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

Cryptocurrency is that the one among the applications of Blockchain Technology. The blockchain uses distributed database of records of all transactions. Each and each single record of every transaction is recorded. Cryptocurrency may be a peer to see system. Blockchain Technology Records Transaction in distributed Digital Ledger. Any physical assets like Land, automobiles etc. are often recorded as blockchain as a Transaction.

Disadvantages of current system:

• Long waiting time

• Complex third-party verification

• Fees is extremely high per transaction

• Multiple fees

Advantages of Blockchain:

• Distributed

• Secured

• Transparent

• Consensus-based

• Flexible

• Time saving

• Cost saving