Why do we trust blockchain technology?
Blockchain is inevitably one of the emerging technologies of the 21st century. As we are steadily moving towards mass adoption of the technology, here are a few benefits to why you should learn more about blockchain technology.
No Central Authority
Blockchain is a distributed, digital ledger of information, meaning no authority on it adds, edits, deletes, or otherwise controls information.
No Single Point of Failure
Because the information in the blockchain is shared with all network participants, it is tough (in some cases near impossible) to corrupt this information. We use a literal word — once the information is correct, it cannot be changed.
Let’s look at the ownership of a car in the standard database. We can see the right of the vehicle and its key features. Using blockchain technology, we can store information about all owners, dates of change of ownership, technical reviews, repair shop appointments, mileage, and even manufacturers of each component of the car.