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Is blockchain necessary?

Integrating technology into business gives birth to innovation as technology will help to reduce cost and increase revenue. Blockchain is featured with data redundancy, distributed ledger, and cryptography to provide faster, cheaper and more efficient systems.

Centralized services, data center, and servers are prone to cyber-attacks and therefore, decentralized blockchain ledger comes to rescue where ledgers are distributed across dynamic network peers. Blockchain maintains consensus on the distributed state in a dynamic and trustless network. There are two types of the blockchain network, i.e. Public and private where a public blockchain network is completely open and anyone can participate in the network, on the other hand, a private blockchain network requires validation by the network starter.

Blockchain has an impact on a wide variety of industries with advantages which include transparency in transaction, storage system and high volume information transmission. Decentralized control, tracking history, performance, and confidentiality are the key benefits blockchain-based system applications which keep its necessity untouched in every industry sector.
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