Blockchain

What exactly is Blockchain?

The blockchain is general terms is defined in following manner:

• A technology that permits transactions to be recorded permanently.

• A technology that cryptographically secure the system and chains data in chronological order.

• A technology that remove intermediaries and create trust through the algorithm.

Blockchain was first introduced in the white paper Bitcoin in 2009 by unknown person named as Satoshi Nakamoto. 

Currently, blockchain is used my multiple organizations to tackle their problems and provide a better solution.

Problems with current system

• Account Hacking

• Internet Frauds

• High Transaction Costs

• High Transaction Time due to intermediaries

• Dependency on Banks

How Blockchain solves the current problem?

• Security through Cryptography

• Availability through multiple machines

• Low transaction costs

• Remove of central parties and intermediaries.

Summarizing Blockchain

• It's a digitized store for information in the form of transactions.

• It is distributed. Thus, nobody controls it.

• Consensus algorithms make sure of the security and immutability.

• When a new block is added to a blockchain, it is linked to the previous block using cryptographic hash.

• Data gets recorded in chronological order.

• Everyone present over the network can view the transactions.

Blockchain Definition:

"A blockchain is a digitized, distributed, consensus-based secure storage of information protected from revision and tampering over the peer-to-peer network."