The blockchain is the new hype in the market. The more and more people are able to understand its implications; they are investing more as well into it.
Blockchain not only is helping people to generate large-scale profits but it can be seen as a high-level use case.
To study this technology, many people have invested millions now over the past couple of years, to understand the technology a little better. Many tests and examination have been laid out to check if the scenarios conducted are appropriate for the market. Blockchain has not only created new digital relations but the revolution has developed a need for many centralized administrations.
But why exactly one should use a Blockchain anyway? One of the reason is that it is an incorruptible ledger in a digital format and offers a private key for the cryptocurrencies. Additionally, storing information on a piece of paper can get complex, as it requires a physical seal for safety.
Furthermore, if the transaction is happening on a daily basis then having a blockchain technology will be an intelligent solution to counter the human limitations. Blockchain also helps in preserving the history of the transactions and offers the flexibility to write new entries on it.
But with all this talk, one should keep in mind that this might not be the right way to go to. Before getting into blockchain you should research thoroughly. There are many flowcharts created by the investors to help you decide between a modern blockchain technology or a traditional master copy or you can check some best exchanges to trade cryptocurrencies.
But even after seeing all the pros and cons of the blockchain technology, one central question that remains is whether at the end of it should the technology be controlled by a central authority? You will get varied responses from many people. On one hand, investors do agree that there should be a third party authorization, as privacy is an important parameter to be taken care of.
However, on the other hand, investors believe that privacy can be taken care through n number of ways as well, without the need of any authentications. Cryptocurrency is a perfect example for this. You do not require any centralized system as it has push transactions feature.
On a completely different note, if we talk of speed, we first need to understand whether your database requires processing millisecond transactions. If the answer is yes, then the best for you will be to stick with a traditional database that is centralized in nature, as blockchains can be slow on this front. Apart from it, storing data in a blockchain requires cost – also called mining of every block. A traditional database has a plus point to this as they are less expensive as compared to a blockchain.
Even though full limits and possibilities of blockchain still need to be discovered, but the used cases have been successful in all the inspection and the technology is worth an investment.