Blockchain is a transaction log shared in the network among thousands of computers, whose main mission is the impossibility of being altered, lost or deleted due to intentional or unintended causes. Imagine the amount of financial transactions carried out by a banking entity and its exposure to human, computer or even cyber-attacks that jeopardize our economic resources. Visit this site to know about litecoin.
In this sense, the best-known transactions in blockchain are those related to this sector, using virtual currency for this. These transactions are added to the so-called blocks in an encrypted manner, until they form a blockchain. These have to go through thousands of computers (miners) that are connected to the bitcoin network through a specific software (nodes). In this way, after the blocks have been checked and verified, they are stored in all of them without being able to be modified or deleted.
Applications and advantages of blockchain
The security provided by the blockchain to the financial sector is unprecedented, but they are not the only applications in which it can be incorporated. Among them, we find a much more efficient and secure type of cloud storage for the business sector, which would successfully address the big problem that cybercrime poses in the digital age.Click here to know about litecoin.
Transparency is another good side of the blockchain. Some examples of how the blockchain could be used efficiently are the possibility of incorporating electronic voting in elections, transparency of city councils or deputation accounts, inability to manipulate donations made to humanitarian organizations, etc. are already been discussed.
As you can see, the blockchain offers numerous advantages in terms of reliability and transparency. But it also provides a greater degree of efficiency in accessing.Meanwhile the digital transformation continues its path to offer a better user experience, through safer and more reliable environments.