What is Blockchain?
Blockchain is a public distributed database holding encrypted ledgers. Means a block is the current part of a blockchain which records the recent transactions. Once it is verified it becomes the permanent part of the growing blockchain. Blockchain runs some three important technologies
- Peer to peer network : Distributed machines helps in maintaining the consistency of the public ledger.
- Private key cryptography : Blockchain uses private key cryptography to secure identities and hash functions to make the BlockChain immutable.
- Proof of work : The mathematical proof of work ensures that the nodes automatically and continuously agree to the current state of the ledger.
- Decentralized System It means that the blockchain network have no single centralized computer but Connected with a distributed system. There are multiple distributed nodes connected and update record once the transaction is completed in most secure as well as anonymity.
- Distributed Ledge: A Distributed ledger is a shared ledger where its database is updated independently and synchronized across the network. All the transactions record is tracked by public, So there by no threat of cyber-attacks. Any changes in the record will be automatically updated to all the participants in seconds.
- Social Media: (Twitter, LinkedIn, Facebook) It enables organization to engage with their customers and acquire insights about their likes, dislikes, habits and physical whereabouts enabling organizations to provide individual support, hence boosting customer loyalty.
- Mobile channel and Mobile applications allows customer to engage in transaction anywhere, anytime increasing convenience for them.
- Data Analytics technology to analyze the data gathered from customer’s social and mobile behavior enables organizations to gain more granular understanding of their customers preferences.
- Cloud Technology provides the platform and infra to deliver customized technology and services in real time. Cloud technology allows organizations to collect and deliver data anywhere, anytime at global scale.