FINANCE

BLOCK CHAIN TECHNOLGY SHOULD I BE CONCERN?

Block chain technology has been projected over the years . People are concern that it may replace exiting technology.

However what is block chain technology ?And what promise does it hold?

Block chain is a distributed ledger that does not need a centralized database . It store information on blocks and is highly secured.

This information is difficult to alter or hacked unlike the traditional database which has a centralized database.

WHAT ARE SOME FEATURES OF BLOCKCHAIN? THEY ARE AS FOLLOWS:

1.STORES INFORMATION IN BLOCKS

2.HAS A DISTRIBUTED DATABASE

3.HIGHLY SECURED

4.CRYPTOGRAPHY

This features are highly needed in financial services where security of data is highly valued.

However block chain has limitation. Some of the limitation are as follows

1.MANIPULATION OF DATA IS DIFFICULT

2.SCALABILITY.

3.FLEXIBILITY

4.NOT NEEDED IN ALL CASES.

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