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Blockchain is a digital ledger that inherits the transaction list regarding any asset running on a decentralized network. The following are some of the benefits of blockchain as a method for creating diverse data bases.
- Decentralization: There isn’t the main storage server to speak of. Each system member is responsible for keeping all records.
- Complete and total transparency: All transactions that took place in the system can be tracked by any participant.
- Confidentiality: All information is stored in an encrypted format. If the user does not know the wallet number, he can trace all transactions but cannot identify the recipient or sender of the information.
- Reliability: To legally update data, a unique one-of-a-kind code must be generated and confirmed by the system.
- Compromise: Other participants verify the data that is entered into the system.