What is the purpose of Blockchain Technology

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Jul 13, 2018 in Blockchain by whatsinname
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Purpose of Blockchain Technology:

  1. A blockchain technology is an online ledger that user data structure, to simplify the way we transact.
  2. It allows users to manipulate the ledger in a secure way without the help of a third party.
  3. It allows a free cryptocurrency through a decentralized environment.
  4. It provides great transparency because it is a type of distributed ledger. So our network participants share the same documentation as opposed to individual topics.
  5. With blockchain, you do not need as many third parties or middleman to make guarantee and so, the cost can be reduced. 
  6. This technology offers new tools for authentication and authorization in the digital world that fulfill the needs of many centralized administrators. As a result, it enables the creation of new digital relationships.
answered Jul 18, 2018 by Mohini
• 260 points

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