It is interesting to know that 90% of the bank infrastructure cost was cut down by Blockchain Technology. Other interesting stats about blockchain technology are its occupancy is expected to reach about $20 Billion by the year 2024. It has raised funding to data to about $76 million. Financial and technology firms have invested $1.4 billion in blockchain in the year 2016. On an average, investments on blockchain projects in 2017 were $1 million.

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Blockchains are unique, open, distributed ledgers which the help of which one can store the details of transactions between two parties in the safest way ever possible. This helps user to keep sharing the up to date information safely. Standing to its name, blockchain infers, a block is permanently created for recording a set of data in digital ledger, which forms a chain. As these blockchains are difficult to manipulate, it offers the best solution for keeping the network safe.

Manipulation of data in blockchain is difficult as it is an encrypted record and resists any kind of changes made, along with auto validation of each new entry, making the system a reliable database of information.

Advantages of Blockchain in different Industries
Various industries are getting benefited using blockchain technology. Following are some of the fields where blockchain is playing a vital role

Banking and Finance
Blockchain technology helps in eliminating intermediaries in various financial and banking services, thus saves a a substantial amount. Blockchain technology is known for making transparent, traceable, safe and secure payments, both domestic and cross-borders as well. Most importantly, blockchain technology imparts higher degree of security as it protects its centralized database for various cyber-attacks.

Blockchain technology limits the cost for intermediaries with its innovative cryptocurrency