We live in an era which has seen the beginning and the rise of the digital technology. What was not possible to think a couple of decades back, like instant connectivity with anyone and anywhere through the internet and cell phones, is now the norm of our lifestyle. Just like the internet has brought a revolution in our lives, blockchain is poised to become a phenomenon as the internet and has already become one of the hottest and most discussed topics around the world.
There are several reasons why this distributed database technology is gaining quite some popularity in a diverse range of sectors- from financial fields to healthcare to media and even running government operations. The primary reason for the growing popularity of blockchain is its unchangeable nature of each and every record in the database. This is the reason why it can be applied in several commercial and other transactions, records as well as in financial record-keeping. The blockchain technology works in such a way that no central authority is in charge. Thus, in essence, blockchain is autonomous, decentralized, and managed databases. According to a survey conducted by Deloitte, blockchain could transform business, government, and society in profound ways.
Most popular technology of blockchain- Bitcoin