There is a need for security in data representation. Blockchain does that. It deals with data integrity and maintains a data block which does not change. In cryptocurrency, we use blockchain . it implements data structure .In simple words blockchain contain data code with a time stamp and tag. Blockchain works well with peer to peer protocol and is internet standard for data representation in today’s cataclysmic world.
The smartest use of blockchain is in cryptocurrency. Bitcoin and lit coin needs blockchain as data convergence tool. A fascinating use of cryptocurrency is games. In Gaming it makes sense to implement blockchain as data structure . Crypto kitty and other gaming characters were born of smart data implementation. Smart contacts or points where technology meet finances needs blockchain .
Blockchain has variants. The three type of blockchain are public , private and consortium. While public blockchain can be validated by any, private blockchain need the invitation of participating parties . Consortium based blockchain has its own security levels. The security provided by blockchain is unparallel . It is one of the most decentralised currency.
Blockchain is the most secured data structure till date. Its security lies in single point entry .It is fault tolerant. It has least failure record and it works for complete data incorruptibility. If Blockchain is implemented then it leverages a high-level security . It has own disadvantages. The biggest challenge for blockchain implementation is cost. Being a new technology, has its infirmities. Blockchains are also susceptible to cyber-attacks. If error occurs then it does not spread fast. Structure of blockchain makes it todays favourite.