To explain Blockchain in a simple way, let us take example of a bank. The bank has a central database and has all the customer details. These details could be of transactions, balances, account numbers etc. when we want to make any updates, the bank is contacted and then they make the changes accordingly, and if they want to do any more changes, there is nothing much we can do about it as they have the ultimate control.

Imagine, a hacker gained access to this database, and he can do anything with this information, like change balances, delete transactions, etc., even though the bank can update and restore this data from their back-ups, ultimately the power and control lies in one single entity.

What are the advantages of Blockchain?

Transparency:
One of the prime reasons blockchain is intriguing to businesses is that this technology is almost always open source. That means other users or developers have the opportunity to modify it as they see fit. But what’s most important about it being open source is that it makes altering logged data within a blockchain incredibly difficult.

Reduced Transaction Costs:
Blockchain allows peer-to-peer and business-to-business transactions to be completed without the need for a third party, which is often a bank. Since there’s no middleman involvement tied to blockchain transactions, it means they can actually reduce costs to the user or businesses over time.

Efficiency and Speed:
Due to protocols in bank transferring software, as well as the fact that financial institutions are only open during normal business hours, five days a week. Comparatively, blockchain technology is working 24 hours a day, seven days a week, meaning blockchain-based transactions process considerably more quickly.

Decentralization:
Another central reason blockchain is so exciting is its lack of a central data hub. Instead of running a massive data centre and verifying transactions through that hub, blockchain actually allows individual transactions to have their own proof of validity and the authorization to enforce those constraints.

Enhanced Security:
There are several ways blockchain is more secure than other record-keeping systems. Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data.

Various ways it can be used in the future:

- Verify vehicle identity and vehicle history
- Track auto components through the supply chain
- Automate machine payments
- Establish a mobility commerce platform
- Facilitate car and ride sharing
- Support usage-based insurance and taxes

Read more: https://tekslate.com/blockchain-training/

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Generally, the blockchain has various advantages
they are high security
easily online transactions can be taken without intermediaries
Blockchain has a uniques id called "hash". so there is a possibility to track the blockchain easily.
blockchain developer course will help to learn all the concepts clearly.

Blockchain also has high development opportunities for the companies because of his importance in education fields like science and technology, banking. blockchain online course makes to a clear understanding of blockchain