BlockChain Technology plays a very important role in creating a digital currency, for example is Bitcoin. This technology is often referred to as the best solution for inefficiency or waste in the financial sector, but also has the potential to make wider positive social impacts if implemented by the government.
The meaning of the word BlockChain comes from Block and Chain which each has its own meaning. Chain is a unique chain record and is the flow of all consistent stages of an item / transaction. Block (special box) is a place / boundary / special area to accommodate all item / transaction changes that occur during chain process. Thus, from the definition of blocks and chains it can be concluded that ** Blockchain is a transactional recording technology integrated with modern technology, which has a unique unchangeable code that revolutionizes the workings of the Internet, banking, and more.**
Advantages
Instant, Safe, Efficient and Transparent -> All transactions and data storage are secure because they are replicated across the blockchain network so that to change one data the hacker must also change the same data across all other user's computers at the same time. This is very unlikely to be done. Blockchain is like a big book where all transactions are transparent and can be checked by everyone so as to ensure credibility.
Peer-to-Peer Technology -> in the sense that a data (can be messages, money, or important information) can be moved from one user to another without the help of a third party to process it. With Blockchain, we no longer need to rely on a single server because all transactions are replicated across the network, avoiding various forms of fraud due to modified data, server downs, or hacked accounts.