A blockchain is a distributed database that keeps track of a growing collection of ordered documents known as blocks rather than being connected to a central processor. It is impossible to change one block without also affecting the blocks behind it since each block carries a timestamp and a link to a preceding block. Users can alter portions of the blockchain that they “own” by having the private keys required to write to the file. Everybody’s copy of the distributed blockchain is kept in sync thanks to cryptography.
Since blockchains are secure databases by nature, they are fantastic candidates for storing data related to identity management, medical records, financial transactions, and provenance. Blockchain can cut out the intermediaries in transaction processing and trading.
Automakers are looking into blockchain technology, known for its use in cryptocurrencies like Bitcoin, to enhance security in increasingly linked automobiles. The demand for a… Read More »How Blockchain Technology is Changing the Automotive Industry