Blockchain is one of the revolutionary technologies impacting different industries miraculously. It was introduced by Satoshi Nakamoto in 2008, as part of a proposal for Bitcoin.
- The introduction of cryptocurrencies, specifically Bitcoin, has brought the concept of blockchain technology into the market.
- Bitcoin is a type of digital currency which can be used in the place of fiat money for trading.
- Bitcoin enabled an innovative platform for peer to peer transfer of value without any central authority and uses blockchain to maintain its public ledger of every single transaction.
- Bitcoins are continuously working on a model for autonomous decentralized application technology known as Blockchain.
What is BlockChain?
- Blockchain is a distributed immutable ledger of records of transactions or data that is managed by a cluster of computers not owned by any single entity.
- Each of these blocks of data is secured and bound to each other using cryptographic principles.
- Unlike traditional methods, blockchain enables peer to peer transfer of digital assets without any intermediaries.
- It is a distributed ledger that is completely open to anyone on the network. Once an information is stored on a blockchain network, it is extremely difficult to change or alter it.
Blockchain Technology supports:
- Speed Process
- Lowest Transaction Cost
- Provides Security, Trust and Transparency
Why Blockchain Technology?
Features of Blockchain
- Decentralized: In a blockchain network no single person or group holds the authority of the overall network while everyone has the copy of distributed ledger with them.
- Peer-to-Peer Network: Blockchain enables peer to peer transaction of digital assets without any intermediaries.
- Immutable: In a blockchain, the immutability feature refers to the fact that any data once written on the blockchain network cannot be changed.
- Tamper-Proof: In a blockchain, it becomes easier to detect tampering of any data. Blockchains are considered tamper-proof as any change in even one single block can be detected and addressed smoothly.
- Enhanced Security: The blockchain network eliminates the need of central authority, as no one can change anything on the network for their benefit. Also, a high level of encryption ensures the security of the blockchain network.
That’s all I have and thanks a lot for reading. Please let me know if any corrections/suggestions. Please do share and comments if you like the post. Thanks in advance… 😉
Thanks Adhisha Gupta for helping us to grow day by day. She is passionate to solve the BlockChain related problems.