The blockchain is a highly secured ledger of digital transactions that are stored on multiple computers in either a public or private network. Once the data is collected and entered into the database, it will undergo processing from there. Considered absolutely safe and tamper proof, it will allow access for the users without compromising the security and confidentiality of the data. Blockchain databases allow each user to maintain and update new entries into a database, thereby blockchain enhances security and data quality.
By using the blockchain, individuals can exchange money or purchase bonds even without a bank account and that too across the borders. Blockchain will thus be a boon for millions of people around the world that do not have access to bank accounts. This amazing technology will enable people who do not even know each other to record simple, enforceable contracts without a lawyer or sell stock or real estate without brokers.
Built-in network security: Blockchain features multiple nodes that work together towards a common goal and this security feature makes the data entry process more reliable and trustworthy. It is particularly useful when two companies share information without using a centralized administrator.
Encoded transactions: Blockchain uses highly secure cryptography to encode transactions, creating a digital contract between two or more parties involved with the transaction.
Superior data security: The data of businesses can be stored in a data lake with an associated Blockchain ID. Everyone who has access to the data will have a key sent from the data originator, which will ensure data security and prevent unauthorized access or hacking risks. Thereby blockchain enhances security and data quality.
Ensured data quality: Blockchain is encoded and stored on multiple computers within both public and private networks to form a bunch of records, known as blocks which cannot be altered or deleted by a single entity. They will be verified automatically at the point of data entry, which confirms data quality. Each record in the database contains details such as the transaction timestamp along with a link to the previous block, which makes it impossible to alter the records. The best part is that the same transaction is recorded over multiple distributed database systems to make it secure. Thus blockchain enhances security and data quality.
Blockchain will enhance the quality and security of records, ensures privacy and reinforces legal contra