Block chain can be a little confusing to understand for some of us but we’re going to try to make it sound super easy. But first, we should tell you this much; a block chain isn’t something you really need to understand all that well before you can start using it. So if you’re able to read the data from a block chain then you can rest assured knowing that whatever you’re reading is one hundred percent transparent and incorruptible information but if you’re still curious then you may read on.
A block chain is a virtual ledger that’s accessible publically and keeps track of things in the most secure way as possible. A block chain is anything but centralised; it’s by the people and for the people. Since it’s a virtual ledger, it exists on a network of interlinked computers owned by users and is therefore impossible for a single party to control and manipulate. It was created to allow transfer of crypto currency in a safe and decentralised environment but thanks to its decentralised nature, it has many applications beyond just crypto currency.
Let’s face it, if crypto currency had such a tremendous rise then it also has an inevitable downfall ahead of it. Even if crypto currencies were to fail, the block chain technology can live on because it has so many uses outside of its main purpose of supporting the bit coin. Yotta Laboratories is one of the pioneers of bring the block chain technology into businesses and industries. Since sensitive data regarding recordkeeping for financial information as well as managing supplies is often misplaced or manipulated, block chain can bring about a massive positive effect to the companies using them in their business.