Rapidly growing the digitalization in the market world has numerous platforms for the Cryptocurrency exchange and trade, for keeping a safe record of the transactions Blockcahain technology was launched. The global network of computer uses the Blockchain technology to record the database of the transaction that held in between users of the digital assets.
What is BlockChain technology
It is a continuously growing record list in which all the details regarding the transaction of the digital currencies. The Blockchain was designed to prevent the transactions from the virtual theft and fraud. Each block contains a specific amount of transaction. The Blockchain was launched in 2008. It records all the transaction details occurring in the digital exchange. The Blockchain is helpful to resolve the threat of the virtual currency theft by the decentralization of the details of the transaction.
Types of Blockchain
The Blockchains are currently divided into three parts.
2- Private Blockchain
3- Consortium Blockchain
The Public Blockchain is decentralized and it has no access to the restrictions. These records can be sent by anyone who has an internet connection. The Private Blockchain is permissioned. A user cannot possibly join it until he is invited by the administrator. The Consortium Blockchain is said to be the semi-decentralized one.
Significance of Blockchain
There are some significant points about the Blockchain that a digital currency user must consider before the transaction and to make it safer.
1- It is a decentralized and distributed public ledger.
2- It helps keeping the transactions safe from virtual theft.
3-The Blockchain is helpful to record the details of transaction between two parties.
4-The Blockchain proved to be very helpful in solving double spending which is one of major issues in the virtual transaction.
5- Blockchain technology can be used to create a permanent and transparent data of the sales that would help in keeping the details safe.
6- It is a new data distribution technology that enables users to keep the sale and purchase receipt between two parties.
7- The Blockchain technology is a smart contract that prepares the recording with the human interference.
It is safe?
In one word yes, it is safe in fact the Blockchain made it much safer to practice trade and exchange of the digital assets by decentralizing the transaction detail. It is made of blocks and each block contains the significant transaction details. It has no interference with the personal data of the users. It does not share or distribute the private details of any customers.
Blockchain Support number
The Blockchain has proved itself to be a Support number in terms of the Cryptocurrency exchange; it records the details of the transaction that prevents the users from all the virtual threats.
The Blockchain is used for recoding the transaction details. Along with being the most useful it is one most popular digital wallet among the Cryptocurrency users and investors. It is predicted that by year 2025 ten percent of the GDP would be recorded on the Blockchain technology.