by Wirba Brice Divine
The blockchain technology has no limits. When you think you have understood its functioning, it is at that very moment you turn to realize it is a technology of great magnitude. Thus magnitude is what gives us safety, trustworthiness and decentralization which are very important aspects for any development to take place. This is exactly the case with the blockchain technology. It gives the opportunity to explore the magnitude to greater heights and expose it to other issues.
The blockchain technology can both act as a sharer and receiver and a starting point. As a result of its decentralized nature, so many things happen in its process. This is particularly the case with applications and technologies that feed entirely on the blockchain technology. This is the case with records. Records appear on so many forms. Many, if not so, so many of these records rely on the blockchain technology to effectively and securely function avoiding any failure or backlashes.
The common forms of the blockchain technology that are being kept on the blockchain are the following: transaction processing which is often seen in the financial system like in in financial institutions and in banks also? Various forms like identity management, documentation, management of activities, records of medical transactions, various forms of business transactions.
These different forms of records face no restriction of recording on the blockchain technology in order to secure their records which is often done by companies and enterprises or private organizations as well as public organizations and institutions as the recorded information can be opened to the general public or limited just to a few number of personalities depending on the company or organization in question. This capacity of the blockchain technology is excellent to countries, organizations and companies that are in search of autonomy and high levels of privacy, keeping external forces away from any possible internal or external attacks.