Purpose of Blockchain Technology:
- A blockchain technology is an online ledger that user data structure, to simplify the way we transact.
- It allows users to manipulate the ledger in a secure way without the help of a third party.
- It allows a free cryptocurrency through a decentralized environment.
- 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.
- With blockchain, you do not need as many third parties or middleman to make guarantee and so, the cost can be reduced.
- 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.