Over the past few years, millions of dollars have been spent on research on the blockchain technology, and several experiments have been conducted to determine whether the blockchain technology is suitable in different scenes or not. The blockchain technology offers new tools for authentication and licensing in the digital world, which does not require the management or supervision of a particular entity, nor does the government or other organizations have the ability to control the data. As a result, it creates a popular digital exchange between users.
With the formalization and guarantee of digital relations, the blockchain revolution began to create a pillar for building the main layer for transactions and money exchanges (Internet of Things).
Can dynamic data be monitored and checked in blockchain?
With a simple example, blockchains are like old sealed letters that everyone will find out if they open them. Blockchains have a lot of capabilities to protect and keep track of information.
Should data be controlled by a central authority?
Certainly, controlling the data by a third party is good for identity issues and for preventing fraudulent communication, if provided by a third party is perfectly suited to be sure the privacy is not violated. Human control causes problems even deliberately or unintentionally. But when it’s done on a network of millions of computers, privacy is maintained best.
Blockchain technology has completely solved this problem. Private Key encryption does not require centralized entities to perform transactions.
Is transaction speed the most important feature of the network?
Is a database that performs transactions in hundredths of a second better?
Not at all, if so, blockchain technology never came to this position. Security and decentralization of transactions are much more important than its speed. With the mining capability, blockchain security of with a network of millions of computers secures transactions one hundred percent. But there are definitely solutions to make transactions faster.