The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Its data is accessible to anyone on the internet.
The blockchain network lives in a state of consensus, one that automatically checks in with itself every ten minutes.
A kind of self-auditing ecosystem of a digital value, the network reconciles every transaction that happens in ten-minute intervals. Each group of these transactions is referred to as a “block”. Two important properties result from this.
By storing data across its network, the blockchain eliminates the risks that come with data being held centrally. The block chain gives internet users the ability to create value and authenticates digital information. Some of Block Chain business applications
The sharing economy
Supply chain auditing
AML and KYC