Block Chain
Blockchain technology created the backbone of a new type of internet .It’s the digital information distributed but not to be copied. A blockchain is a simple yet ingenious way of passing information in fully automated and a safe manner. It is the collection of data and is a distributed ledger. It is digital ledger. The ledger is spread among the entire network and each peer holds a copy of the complete ledger.
Some key attributes of the blockchain and the works:
- The participants talk to each other directly and no authority can control, influence or manipulate it. The ledgers cannot be tampered.
- The data can be entered in the time sequential order and once the data added in blockchain it’s impossible to change the data.
- The transactions can represent various actions in blockchain. It is cryptographically secured. It is a data structure that represents the transfer of value between the users on the blockchain network.
- It is not owned by a single entity and is decentralized.
- The three main properties of the Blockchain- Decentralization, Immutability and Transparency.
The blockchain uses special kind of network called “peer to peer network” which partitions the entire workload between participants called peers. There is no one central server; there are several distributed and decentralized peers. It is maintained by peer to peer network. The network is a collection of nodes that are interconnected to one another.
The blockchain gives internet users the ability to create value and authenticates digital information. The new business applications that results from blockchain – Smart contracts, Sharing economy, Crowd funding, Supply chain auditing, File storage, Identity management, Data management and much more.
Initially, blockchain used for Bitcoin and other crypto currencies but blockchain has now found use cases in several industries including finance, real estate and health.
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