What is the purpose of Blockchain Technology

0 votes
Jul 13, 2018 in Blockchain by whatsinname
• 280 points

1 answer to this question.

0 votes

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

Related Questions In Blockchain

0 votes
1 answer

What is the purpose of Blockchain Technology?

The purpose of Blockchain technology is to ...READ MORE

answered Jul 23, 2018 in Blockchain by Omkar
• 69,150 points
0 votes
1 answer

In Ethereum Solidity, what is the purpose of the “memory” keyword?

Without the memory keyword, Solidity tries to declare variables ...READ MORE

answered Nov 15, 2018 in Blockchain by Perry
• 17,100 points
0 votes
1 answer

What is the previous block hash of block #4390176 in Ethereum Blockchain

1,226,797,074,502,984,598,563 READ MORE

answered Sep 7, 2020 in Blockchain by Sayali
+4 votes
3 answers

What type of database is blockchain?

Blockchain is a distributed database. what makes ...READ MORE

answered Mar 30, 2018 in Blockchain by Christine
• 15,830 points
0 votes
1 answer

Truffle tests not running after truffle init

This was a bug. They've fixed it. ...READ MORE

answered Sep 11, 2018 in Blockchain by Christine
• 15,830 points
0 votes
1 answer
0 votes
1 answer

Why RLP encoding is used in Ethereum?

RLP is intended to be a highly ...READ MORE

answered Aug 4, 2018 in Blockchain by Mohini
• 260 points