What is Blockchain?
What started as an anonymous invention, Blockchain has today become one of the most disruptive technologies that the world is starting at.
The technology today has grown leaps and bounds to become the top technology trend of the present time and the years to come.
But even amidst the technology being in the news and entrepreneurs, businesses, and even the world economies finding ways to catch up on the trend and thinking of its use cases, the understanding of the technology’s fundamentals is still less known.
Blockchain is tamper-evident, shared digital ledger which records all transactions in public or private peer-to-peer network. Spread across all the member nodes in a network, the ledger permanently records – in a sequential chain of cryptographic hash-linked blocks – the history of asset exchanges which took place between the network peers.
Let us explain this with an example.
Suppose Dave wants to get his birth date added in the ledger. His request is broadcasted on a P2P network which consists of computers, known as nodes. The P2P network validate the request using algorithms. Once the request is verified, a new block is added to the ledger. The way this block is added is unalterable and permanent.
The transaction then gets completed and the birth date gets added in Blockchain.