Blockchain Technology: Features, Characteristics with a focus on its Types

Abstract

Blockchain Technology is the emerging component of IT and Computing and is a kind of encrypted record of data works on distributed database. This is furthermore dealt with the data related to the transaction, contract, independent record, etc. Digital ledger is important and also applicable in various platforms, not bounded in a particular place; and required in financial activities and services and hence it is worthy in healthy digital currency and transactions. Financial transaction is not associated with the third party and it keeps the data encryption and here participants no need to share personal data and thus Blockchain Technology is associated with the data breach. Insignificantly Blockchain not only reduces the data breach but also supports the multiple numbers of shared copies and it works on the same database. It helps in wage a data breach attack. Earlier it was known as Blockchain but gradually it is treated as a Technology and considered as important in Information Technology and impacting the financial sector rapidly. Blockchain Technology is required in various tangible and intangible asset management and required in tracking including recorded effectively within a network and ledger. Blockchain is therefore is a tool, a technique, as well as a procedure for sophisticated financial management. This paper is based on existing literature emphasizing Blockchain Technology with features, characteristics with a focus on its types.