Blockchain technology pros and cons in financial services
Blockchain technology What's blockchain? A blockchain is a distributed record that keeps a continuous increase of organised records called blocks. These blocks are connected using cryptography. Every block covers the previous block's cryptographic hash, transaction date, and timestamp. A blockchain is a decentralised, public digital ledger. It is used in transaction recordings among various computer systems. In this way, a record cannot be changed retrospectively without modification of the remaining blocks and the agreement of the network. Features of blockage technology The main features of blockchain technology are as follows: Features of blockage technology Shared ledger It's a distributed system for sharing records among business networks. In this ledger, Transactions will be recorded only once. It will eliminate the effort of duplication in the conventional systems. Decentralization In this component, control and decision-making ability are transferred from ce...