In simple words block is a digital information and chain is database. Block chain carriers no transaction costs but any block (digital information) will contain 3 main data in it. The first one is date, time and amount, secondly the participant’s info of the transaction and finally the information that differentiates it from other blocks. On the whole a block chain is multiple blocks strung together. Thus block chains are highly resistant to any modification of data.
At Eibs we have experienced developers working in the field of block chain application development like decentralized block chain applications, logistics and banking sectors related applications etc. Based on customer requirements in securing the datum and based on the functionality, we suggest block chain technology.
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Digital signature and encryption technology are few security systems available in block chain, which makes it more secured and reliable technology
High speed transactions as we are not going to include payments, all processing are done faster ever before.
Transparent transaction history. Altering single record in block chain is a huge process as the whole network has to be altered. Hence data are more accurate and consistent.
Block chain cuts your expenditures by cutting off middle man or third parties. The one we have to trust is just the data in block chain.
Just get rid about commissions. One of the main advantage on using block chain is the system is decentralized. So intermediary payments are not needed.
Any system with lots of data stored in a network is a key for hackers but in the case of block chain it’s again a challenging platform for hackers.
Block chain puts users in straight forward position.
Cryptography forms and strong protection layer.
Impossible to alter or reverse a data.
Consensus enables networks to make decision.
Super-fast transaction along with smart contract system.
Full stop for confusions like double spending in same unit.