A blockchain is a decentralized data network, and the users have equal access to the ownership and management of the network through computer system nodes. Blockchain has a database that stores information in a digital format. Blockchain technology works as the name suggests, it stores information in blocks and then links them to form a chain. Each block has its unique capacity; when it is filled, it is linked with the previous block. After the last block is completed, any newly added information will need its block. Blockchain is infamous for its role in developing breakthrough cryptocurrency systems like Bitcoin. A decentralized version of crypto transactions is maintained. That is why blockchain is known for its cause in promoting data security. Since the introduction of blockchain technology, the payment and finance industry has witnessed a revolution. Other industries are following the trend, and you must be wondering whether it is something that can benefit your company. Well, you should know how it operates, its benefits and drawbacks.