What are the key differences between blockchain and traditional record keeping?

What are the key differences between blockchain and traditional record keeping?

Blockchain is decentralized and immutable, while traditional record keeping is often centralized and can be altered.

Can you explain how blockchain ensures data integrity?

Blockchain uses cryptographic hashes and consensus mechanisms to ensure that once data is recorded, it cannot be changed without consensus.

What are the advantages of using blockchain over traditional methods?

Advantages include enhanced security, transparency, and reduced fraud, as well as lower costs in some cases.

Are there any downsides to using blockchain?

Yes, downsides include scalability issues, energy consumption, and the complexity of implementation.

How is blockchain being used in industries today?

Blockchain is used in finance for secure transactions, in supply chain for tracking goods, and in healthcare for secure patient records.