It is a technology that allow everyone involved in a transaction to know what happened, when it happened and confirm the other parties are seeing the same thing without providing assurance or reconcile data in the later stage. It is also a system of recording information in a way the makes it difficult or impossible to edit, hack or cheat the system. You can also understand blockchain as a digital ledger that duplicated and distributed across the network of the computer system.
Decentralized system does not own or controlled by a centralized organization, it distributed the control fairly to anyone who want to use the system. Multiple parties that use the system keeps their own records. Consensus is made among the parties that store the replica of data.
Data in blockchain cannot be altered. This is also why the data in blockchain is known as the source of truth. Each block of information is proceed using a cryptographic principle or a hash value. The hash value generated by each block separately, which means every block not only contain the digital signature for itself but also the previous one.
Blockchain allow every single of the process use time-stamped chain data structure to store on the distributed node. This allow the ease of queries of all the history of the processes or transactions and you will end up having the full journey for the process or transactions.
The most appealing aspects of blockchain technology is the degree of transparency that it can provide. The level of transparency that blockchain affords adds a degree of accountability that has not existed to date.
Digitalize real assets on blockchain will be the new norm. Verofax Digital Assets allow the transfer and utilization of assets more efficiently on both on-line and off-line scenarios.read more >>