What is Blockchain?
Blockchain is an algorithm based computer program and data distribution structure meant for the management of electronic cash. It is a simple yet resourceful way of passing information from one user to another in a fully automated and safe environment.
In simple words, Blockchain technology can be defined as a decentralized, distributed ledger that records the provenience of a digital asset without the intervention of any centralized administration.
Undeniably, it is a very useful invention which not only benefits the businesses, but also its beneficiaries as well. Blockchain technology serves as a platform which enables the transit of digital information in a fully automated and safe environment. Originally it was designed to deal with Bitcoin; however, today, this technology is used to serve several other purposes.
Who can Use Blockchain
Blockchain can be used by anybody and everybody. The technology is designed in such a way that even the general public can use it for its day to day transactions. However, its potential users include banks, commercial giants and global economies.
The Working of Blockchain
Blockchain can be referred to as Distributed Ledger technology, it was devised to support the Bitcoin cryptocurrency. But later the technology was revised for use in more productive things.
Blockchain consists of multiple blocks strung together. Whenever a block stores new data that data is added to the blockchain. That new block becomes publicly available for people to view—including you. For instance, you purchased something from an online platform, like Amazon. After making a purchase, your transaction will be verified. With blockchain technology, the whole thing will be checked by the network of computers and the details of the purchase, including the transaction’s time, total amount, and participants etc. are confirmed. After the verification of your transaction, it is stored in a block along with other details. Finally, that block is given a hash. Once hashed, the block is then added to the blockchain.