Blockchain technology and its benefits.

The “Dove” network application is the latest advancement in the field of science and technology. This application uses an exquisite technology called the “Blockchain”. Blockchain technology is an uninterrupted list of records that are guarded by utilizing “Cryptography”. Innovation today is comparable to Blockchain as it helps organizations to make a secure and transparent transaction.

Disclaimer: This perspective is purely individualistic and is derived over a period of time by introspection and observations within. Any similarities found is pure coincidence of the like minds.

Advantages:

• Disintermediation is the crux of blockchain technology. This technology has its own verification and accreditation process to assure secure transaction without the involvement of a third party.
• Blockchain technology enfranchises the users and gives them absolute authority to view all their transactional information.
• Blockchain data is highly accurate and complete. It provides substantial and spot on data that is widely available.
• Decentralization of network is the second strongest crux of the blockchain technology. This networking technology helps this operation endure against the malware attacks. Thus, this technology is a very dependable and enduring technology with tenacity.
• Blockchain technology provides a transparent and immutable information to all parties involved in public blockchain transactions. The changes made to the public blockchain can be easily viewed and no data registered her can be deleted or altered.
• The probity of the blockchain technology helps users trust that the transactions which will be executed will be as per the contracting authority. This process removes the need for a trusted third-party involvement.
• Documentation of the transactional data will become an easier process as all the data is captured in a public ledger.
• Transactions between banks will become faster with blockchain technology. On the outside of the working days, the bank transaction takes around 2-3 business days and with this technology, the settlement can happen in few minutes and the settlement can take place 24/7.
• The third-party mediators are excluded and this truncate the expenses during the transfer of the assets. Blockchain has the leverage of reducing the transactional expenses.