What is blockchain? How secure we are?

What is blockchain? How secure we are?

• Investing in Cryptocurrencies
• March 18, 2021

Cryptocurrency, bitcoin, block chain these are the words that we see and hear trending in the news these days. But what is block chain, is it safe? If the government is using this technology, why do they continue to call digital currency unreliable? These questions come to mind, but how many times have we actually looked or asked the questions in order to find the answers.

So, we at WFSI thought of taking up this topic for our blog to help answers as many questions as possible in few lines.

In clear and easy words, Blockchains are public ledgers that record transactions shared among many users. Once the data is entered on a Blockchain, it is secure and unalterable, providing a permanent public record. To easily access information stored on blockchains, users need to use a web-based application.

Companies such as Bitaccess provides storage technology which allows for unalterable, permanent hosting of web-applications. but these webpages are blockchained so information can be accessed far into the future, even if the original web-host has gone offline.

Bitaccess announced in 2018 about Ethereum Blockchain and that Govt of Canada is exploring the platform, where NRC IRAP was using Bitaccess’ latest product, the Catena Blockchain Suite to host its own blockchain explorer on the InterPlanetary File System (IPFS). for the transparent administration of government grants and contributions.

Most Governments around the world are taking advantages of Blockchain technologies to speed their data processing and help secure the data and while making it available instantly across all of their networks.

Data once entered in blockchain is secure and immutable as it is not possible by hackers to concurrently hack all the nodes and to track back all the digits.

We at WFSI work with the Government blockchain association, a worldwide advisory board for governments, as well as private Blockchain consulting firms and meet-ups.

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