Blockchain Technology: Enhancing Security and Transparency in Financial Transactions
- Posted On: Jul 31, 2024
- Posted By: Mick Williams
Blockchain technology is revolutionizing the financial sector by offering a secure, transparent, and decentralized method of recording transactions. Initially developed as the underlying technology for Bitcoin, blockchain has since evolved to support a wide range of financial applications.
How Blockchain Enhances Security and Transparency
Decentralization: Unlike traditional centralized databases, blockchain operates on a decentralized network of computers (nodes). Each node holds a copy of the entire blockchain, making it difficult for any single entity to alter or manipulate the data.