Blockchain technology changed the way we trust data their records. Before we set in to elaborate the points, let's first understand ledger.
The ledger is the fundamental way of storing information and transactions. But the problem with the ledger or the book keeping thing is the fact that it can be tampered with.
Just as one can write information on a ledger, he or she can easily add, delete, or change the same as in their present form any ledger is still vulnerable to subterfuge. When we do business with one another, we don’t disclose our financial or business records.
Instead, we rely on intermediaries that are trustworthy, e.g. a bank or legal adviser who view our information and keeps them confidential.
When needed, they use them to further the trust between parties effectively because they have the knowledge and capacity to verify the information or transaction on the basis of the record they have.
This approach of having intermediaries does limit exposure and risks, but at the cost of more expenditure of time and money.
Blockchain cuts out the middleman who confirms the information or records. As all blocks in the blockchain is verified and is tamper resistance, one can easily procure the information secured in a blockchain, cutting down time and money.
This type of trusted peer-to-peer interaction with our data can revolutionize the way we access, verify, and transact with one other.
As Blockchain is basically a type of technology that drives or works for a network, it can be implemented in various ways. The blockchain can be categorized as completely public, closed (for authorized users), and hybrid (public private blockchains).
This allows direct interactions among various stakeholders. The trust factor is consolidated, even if they are unknown to each other.
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