Blockchain technologies, cryptocurrencies, bitcoin, and mining are not leaving the headlines. Today, a big number of people knows how much bitcoins there are to be mined, the current bitcoin rate, and how to create a cryptocurrency wallet.
Some believe that blockchain is about to initiate a true revolution, which in turn will change the economics, social life, and online security. By having blockchain technology explained, more and more people are getting on the bandwagon.
Blockchain uses a peer-to-peer network that exploits independent computer servers all over the world. Part of the network doesn’t comply with any centralized authority. Thanks to the way the process is arranged, there isn’t any place for fraud and corruption. For example, the proof-of-work process involves the peer computers in nodes approving each requirement for creating a transaction or block, which is included in the database. Meaning, this process has a built-in fraud protection. At the same time, blockchain makes the transactions more transparent, helping eliminate the fraud factor almost completely.
It seems to work ideally on its own and bring people new possibilities of financial interactions. How can blockchain assist with business innovations and disaster recovery?
1. Backup Power
In case some of the network nodes are destroyed or corrupted as a result of a hack or any other type of cyber attack, it won’t anyhow affect the rest of the network since each of the nodes contains a copy of Blockchain ledger. This makes attacks labor consuming and ineffective. The decentralized approach of blockchain technology makes it impossible to hurt the network.
2. Built-in Fraud Protection
Thanks to the security and built-in fraud protection, blockchain technology is highly resistant to all type of attacks and failures. The advanced cryptography used by the network is virtually impossible to crack. Accordingly, every transaction is almost 100% safe. Disaster recovery is unnecessary.
The absence of the need for disaster recovery in blockchain helps it stay available round the clock. The complete availability and safety are two factors making the technology more and more popular today.
4. Global platforms
When it comes to a global platform, which conducts highly important financial transactions, it can’t afford to break down for any reason. A peer-to-peer network is a solution to businesses continuity since it provides 100% availability with a minimum chance of failure. The backup, which every node carries, makes the network fail-safe.
Many people compare blockchain to the Internet, especially when it comes to potential growth and business evolvement. Just like the Internet (in most cases), blockchain doesn’t have centralized control, it’s virtually fail-intolerant and has redundancy. When it first appeared, the Internet also looked very promising. The way it evolved with time shows how much we may not yet know about blockchain capabilities.
It seems as if blockchain technology is just starting to make small steps toward popularity. However, the options it offers are so numerous that it’s bound to conquer the world in a matter of years. The possibilities it opens up for the economic industry are endless.