Blockchain Explained

Blockchain technology gained popularity after the introduction of Bitcoin in 2009 by the person or group of people by the pseudonym Satoshi Nakamoto. Many people confuse and believe blockchain to be Bitcoin but, Bitcoin is one application of the blockchain technology. There are many other applications and use cases that can be solved using blockchain other than just payment systems.

Anything of value, like Land Assets, Cars, etc... can be recorded on Blockchain as a Transaction.

In this article I will walk you through what it is and how it's used.

What is blockchain technology ?

A blockchain is a database that stores encrypted blocks of data then chains them together to form a chronological single-source-of-truth for the data. A blockchain is essentially promising and revolutionary technology because it helps reduce risk, stamps out fraud and brings transparency in a scalable way for ton uses.

• Blockchain provides immutability (it’s theoretically possible to mutate the contents but its practically impossible most of the times because of the computational power required, unless there is a bug, which happened to ethereum once and it resulted in a hard fork, thus creating two versions of it, and thus two currencies, ethereum and ethereum classic).
• Blockchain provides Transparency and trust. Blockchain is shared, and hence it allows the system to be transparent and everybody can verify the data present in it.
• Blockchain is secure. The famous and reliable blockchains use cryptographic functions approved and used by cryptographic experts all over the world. However, this may change as quantum computing advances.
• Blockchain has high availability, since the system is based on thousands of peers in a p2p network.