If you’ve dabbled anywhere near the crypto space, or kept up with the news, you’ll be aware of blockchain technology. Its popularity has gone through the roof over the past few years, with practical use cases coming up.
Blockchain is the main technology behind the popular cryptocurrency – Bitcoin. It has found popular use as one of the payment options for online gambling. Learn how to deposit with Bitcoin, so that you can take advantage of thrilling new casinos and online games.
Prior to the development of blockchain for record storing – it was difficult to check the credibility of digital assets. This was because anybody could have altered the contents of the document, and there was no surefire way for verification.
But with the arrival and advancement of blockchain technology, it has become possible for users to ensure integrity of digital assets. Authentication is embedded into the document itself. And a closed loop mechanism is deployed to prevent any modification.
Advantages of Using Blockchain for Record Keeping
In a traditional database structure, users can create, update, read and delete records. However, in blockchain structures, users can only add more data in the form of additional blocks. The reason behind this is because it is meant to be an append only structure.
Here are some of the key advantages of using blockchain for record keeping:
Why are blockchain transactions and exchanges so cost efficient? The simple reason behind this is due to the absence of intermediaries.
Since data integrity is preserved by virtue of the technology used, there is no need for external validation. This result in lesser money spent for the operation to go through. This also plays into its support of Bitcoin.
Anonymity is preserved during blockchain exchanges. This minimizes the risk of important data being compromised during exchanges or storage.
Moreover, the numbers of exchange points are also cut down. This results in a reduced number of vulnerabilities, which is unique to the blockchain technology.
And since data cannot be modded to a great extent, the chances of getting a bugged file will also be minimal.
One of the clearest advantages that blockchain has over traditional methods is efficiency.
Processing storage of the right files and documents can take days, due to strict checking protocols. But, this is not the case when using blockchain. It takes very little time for processes to go through – only a few seconds in some cases.
Flexible Across Different Items
All kinds of digital assets, including photos, videos and emails can be stored on blockchain. This flexibility allows users across a variety of niches and industries to turn to blockchain for storage over traditional methods.
As a decentralized structure, blockchain brings a lot of unique features when it comes to practical use cases. Modification can easily be traced as well, through linking new blocks.
So, the different problems posed by traditional storage services are all taken care of. Blockchain presents an improved model for the future which can make storage and trade a safe and efficient process for all.