Blockchain Innovations for Secure Online Transactions

Abstract

Blockchain is a digital, decentralized ledger system that enables secure and transparent online transactions. It is an innovative technology that can enhance security and streamline online transactions benefiting both businesses and users. Blockchain technology has a notable feature in that it ensures the security and protection of transactions done online. They do so using cryptography, which allows information to be encrypted and prevents it from being altered. Every transaction is recorded in a block that is then linked to the previous one, resulting in an unchangeable chain of blocks. Decentralization is yet another gift from blockchain technology. Blockchain transactions are based on the idea of trust built into the network or community, rather than in a central authority (a bank, government) as with traditional online transactions. In addition, blockchain technology permits a higher rate of transparency and accountability in real-time online transactions. Every transaction is available to everyone, and it is in the blockchain each placed with all transactions. Increased transparency means more trust and less fraud which improves ethics in businesses.