Welcome to Blockchain
Blockchain is a type of distributed ledger for maintaining a permanent and tamper-proof record of transactional data. A blockchain functions as a decentralized database that is managed by computers belonging to a peer-to-peer (P2P) network. Each of the computers in the distributed network maintains a copy of the ledger to prevent a single point of failure (SPOF) and all copies are updated and validated simultaneously.
In the past, blockchains were commonly associated with digital currencies such as Bitcoin, or alternate versions of Bitcoin like Bitcoin Cash. Today, blockchain applications are being explored in many industries as a secure and cost-effective way to create and manage a distributed database and maintain records for digital transactions of all types.
Banks and financial institutions across the globe are exploring how they can use blockchain to improve security. Other industries, including healthcare, government and technology, are investigating how they can use blockchain to enable the secure exchange of data such as personal health information, digital assets like downloaded entertainment and real estate deeds. However, adoption of blockchain is slowing. In 2018, 1% of CIOs adopted blockchains, and around 8% of CIOs were looking into and planning towards the use of blockchain. Manufacturing and other similar businesses also see some potential to leverage blockchain to manage smart contracts as well as track materials as they move through their supply chains.
Source: Techtarget
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