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Understanding Blockchain Technology Benefits

The document provides an overview of blockchain technology, describing it as a decentralized and secure digital ledger that allows for public data storage and transaction verification without centralized authority. It highlights the benefits of blockchain, including immutability, security, instant transactions, and reduced intermediary fees. Additionally, it discusses the potential applications of blockchain across various industries beyond cryptocurrency, such as anti-money laundering, NFTs, and music royalties tracking.

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Divyanshu jain
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4 views7 pages

Understanding Blockchain Technology Benefits

The document provides an overview of blockchain technology, describing it as a decentralized and secure digital ledger that allows for public data storage and transaction verification without centralized authority. It highlights the benefits of blockchain, including immutability, security, instant transactions, and reduced intermediary fees. Additionally, it discusses the potential applications of blockchain across various industries beyond cryptocurrency, such as anti-money laundering, NFTs, and music royalties tracking.

Uploaded by

Divyanshu jain
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

BIRLA INSTITUTE OF TECHNOLOGY,

MESRA
EXTENSION CENTRE, NOIDA
CAMPUS

SUBMITTED BY: SUBMITTED TO:


Vivek Sen – MCA/45011/22 Mrs. Seema Sharm
Diyvanshu Jain –
MCA/45013/22
Ashi jain – MCA/45041/22
Mahi kashiv – MCA/45003/22
What Is Blockchain
Technology?

• Blockchain is a list of records called blocks that


store data publicly and in chronological order.
The information is encrypted using cryptography
to ensure that the privacy of the user is not
compromised and data cannot be altered.

• Information on a Blockchain network is not controlled by a


centralized authority, unlike modern financial institutions.
The participants of the network maintain the data, and
they hold the democratic authority to approve any
transaction which can happen on a Blockchain network.
Therefore, a typical Blockchain network is a public
Blockchain.
Why use Blockchain
• Blockchain technology offers new tools for authentication
and authorization in the digital world that preclude the
need for many centralized administrators. As a result it
enables the creation of new digital relationships.

• Blockchain revolution is posed to create the backbone of


a layer of the internet for transactions and interaction of
value are often called the “Internet Of Value”.
What Are the Benefits of Blockchain
Technology?
Here's a list of key benefits you can expect to achieve when
adopting Blockchain technology into your business:

•It is an immutable public digital ledger, which means


when a transaction is recorded, it cannot be modified

•Due to the encryption feature, Blockchain is always


secure.

•The transactions are done instantly and transparently, as


the ledger is updated automatically

•As it is a decentralized system, no intermediary fee is


required

•The authenticity of a transaction is verified and confirmed


by participants
Blockchain Security

One of the negatives of digital transformation has


been the growth in personal data theft. Government
databases are a target of cyber hackers. Database
hacks have exposed names, Social Security
numbers, birthdates, addresses, and driver’s license
numbers of millions of Americans, such as the 2017
Equifax database breach. Booz Allen Hamilton wrote
that blockchain data structures harden network
security by reducing single-point-of-failure risk,
making a database breach difficult.
Uses of Blockchain

The use of blockchain goes far beyond cryptocurrency and


bitcoin. Here are some of the most common uses of blockchain
in different industries:
•Anti-money laundering tracking system

•NFT marketplaces

•Original content creation

•Real-time IoT operating systems

•Advertising insights

•Music royalties tracking


Thank You

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