Blockchain
With immutability and transparency as the determining and principles behind the exponential growth of the Blockchain market. This market is estimated to grow at a CAGR of 85.9% from 2022 to 2030.
Transactions placed through a central authority can take up to a few days to settle whereas crypto can take as little as 15 seconds depending on network congestion. Blockchain eliminates the need for third-party verification—and, with it, their associated costs.
Blockchain transactions are immutable in the sense that once recorded, the data in a given block cannot be changed backward. Typically managed by a P2P network of computers for use as a distributed public ledger
Once a transaction is recorded, its authenticity must be verified by the blockchain network. Thousands of nodes on the blockchain rush to confirm that the transaction details. A block is added only after a node validates the transaction.
When a block’s information changes in any way, the hash for that block changes, but the hash for the next block does not. This difference makes it extremely difficult to change information on the blockchain without notice.
Since the money you deposit in the bank is often used to lend to others, you don’t technically have complete control. The main purpose of creating decentralized wallet was to empower the masses to control and manage their own money.
