Social impact of blockchain technology

Blockchain refers to digital database or ledger that contains financial transcations that can be shared and also be decentralised, also publicily accessed by people.

4364 0
Social impact of blockchain technology
Blockchain and Bitcoin Technology Concept (Image)

Blockchain refers to digital database or ledger that contains financial transcations that can be shared and also be decentralised, also publicily accessed by people.Blockchain it is heart of bitcoin transcations and also distributed ledger technologies that involves financial  transcation between two parties. Every transcation that enters to computer is validated by multiple computer so as to facility transparency through use of peer-to-peer networks. These computer work together to ensure that each transcation is valid before entered to blockchain, hence ensuring no single invalid transcation is entered to the blokchain. Any new transcation is added to previous transcation creating a chain which is unbrokeble through use of cryphtographic hash. Below are some social impact of blockchain technology

READ ALSO: Advantages and disadvantages of V-Model

1.0 Reducing risk and fraud, one advantage of blockchain is that it is tamper-proof since each process is validated by multiple computers,meaning these entries cannot be modifiied. These enables organisation build trust with blockchain and also it reduces cases of fraud.

2.0 Transparency and acccountability, enables users to be able to track all their transcations.Blockchain is able to solve social challenges that traditional systems were unable to solve hence building more trust to customers.

READ ALSO: Database Management System

3.0 Reducing admistrative costs working with blockchain has been very effective way since no hidden cost attached to it, you only pay for service that you have request only.

4.0 Increased accessibilty, you can access the systems in all places of work,home so long as you got a device and also browser

5.0 Unified communication, it has facilitated a unified communiation across the globe enabling more people to interact through peer-to-peer networking.

READ ALSO: Biometrics authentication

Tags: