A blockchain is a growing list of records and these records are also known as blocks. These blocks are linked with each other with the help of cryptography. Each block is linked with the previous block with the help of cryptographic hash. A timestamp and transaction data are also some necessary things to create these kinds of block chains. If we talk about the design of these blocks, then we come to know that these block chains act as resistant to the modification of the data. If you are not able to write an academic paper about block chains, then you can get help from academic writing services. The importance of block chains for students is explained below;
- Transparency
No doubt, there are a lot of positive attributes of blockchain technology but one of the most important and positive attributes of blockchain technology is transparency. This important and positive attribute of blockchain technology has enhanced its importance in the market. Its reason is that it provides a complete freedom to each and every member of a group to keep an eye on the transactions of each member. Nowadays, it has become the more preferable technology in the world.
- Security
Nowadays, we see that the hackers can easily hack your device and they can perform some illegal activities on your device. Therefore, people are worried about the security of their personal information. Under such a situation, the blockchain technology is also helpful to the people. Its reason is that they are providing robust security. In the blockchain technology, the information is saved in the blocks and there is a solid connection between each block with the other. Therefore, a hacker will never try to hack such information because to hack such kind of information will prove expensive to them.
- Inexpensive
It is a common observation that the transaction models of traditional finance have proven very expensive for the people. On the other hand, if we talk about the network of blockchain technology, then we come to know that these are inexpensive for the people. Its reason is that this kind of technology is free from the investments of office constructions and the commissions for the financial services. It is considered that in the upcoming days, this technology will become more favourable technology all around the world.
- Prevent payment scams
Nowadays, we have seen a lot of payment scams in society. This technology is also helpful for the people in this regard. Its reason is that due to its strict security, it will prevent the payment scams. All the buyers and sellers can easily sell and buy products without any hesitation. Moreover, each and everything of this technology will be kept under a conscious control. Therefore, there will be no chance of corruption and discrepancy. Another security feature of this technology is that all the transactions are done with the help of the digital signature of an account holder and there will remain no chance of fraud. These transactions will be done in minutes.