Blockchain technology is a revolutionary concept that has been around for over 20 years, but only recently has it been given the attention it deserves. The blockchain is a distributed ledger technology (DLT) that allows a network of computers to record transactions in a chronological and permanent way, without the need for a central authority. The result is a decentralized system with no single point of failure.
Why should I care about Blockchain?
Blockchain is a technology that is currently being adopted by the financial services industry. As a result, the impact of blockchain on the world of finance will be profound.
What are the key advantages of Blockchain?
1. Decentralised – Blockchain technology is decentralized. This means that the system is not controlled by one entity, but by the network of nodes within the system.
2. Immutable – A transaction on the blockchain is immutable, meaning that once it is written, it cannot be altered or removed. This makes the blockchain ideal for use in applications such as financial services.
3. Distributed – A distributed system is one where multiple entities hold information, rather than a single entity holding all the information. In the case of the blockchain, multiple nodes within the system hold copies of the data.
4. Secure – The blockchain is secure because it is resistant to attack and tampering. The distributed nature of the system means that any attempt to change data on the chain would require an enormous amount of computing power, making it almost impossible.
5. Trustless – The blockchain is trustless. This means that there is no need to trust a third party when you make a transaction on the blockchain. You can be sure that the data you see is accurate and that the transaction has gone through correctly.
6. Easy to use – The blockchain is easy to use because it doesn’t require a central authority. Anyone can participate in the network and use it to transact.
7. Open – The blockchain is open. It is possible to view the history of the transaction and see who made the payment and what the payment was for. This transparency helps to prevent fraud and increases confidence in the system.
8. Timely – The blockchain is timely. Because transactions are recorded on the chain in chronological order, the blockchain is able to provide real-time data. This makes the blockchain a great fit for financial transactions such as stock trading and foreign exchange.
9. Scalable – The blockchain is scalable. This means that the size of the network can grow as necessary. For example, if the number of participants grows, the system can accommodate more users.
10. Transparent – The blockchain is transparent. This means that all transactions are visible to anyone who wishes to look at them. This transparency provides assurance that all parties involved in the transaction have acted honestly.
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