What Is Blockchain Technology?

The blockchain is a highly inventive creation-the idea of a person or a group of persons, called by the pseudonym – Satoshi Nakamoto. From the stage of its design, it has evolved into something huge. The question is- what is meant by blockchain technology?


Blockchain technology has fashioned  the superstructure  of a fresh kind of internet by permitting digital information to be distributed, though not copied. Blockchain was created originally for the sake of the digital currency-Bitcoin; now,  the tech community is discovering more and more uses for the technology.

Bit-coin is referred to as ‘digital gold’, with good reason. Till date, the total  value of the currency is close to US $9 billion. Blockchains can create other forms of digital value. Today, top block chain companies are enjoying a heyday. Similar to the internet, you don’t  need to know how block chain works in order to use it. But you can gain a basic knowledge of the technology.

Definition

According to Don and Alex Tapscott (‘Blockchain revolution’, 2016), the blockchain is ‘an incorruptible digital ledger of economic transactions which can be programmed to record not just financial transactions, but virtually everything of value.’

Distributed Database

You can understand the block chain network in this manner: imagine a spreadsheet which is duplicated thousands of times, across a network of computers. Also, this network is designed to regularly update this spread sheet. This in sum, the blockchain technology.

Information stored in a  black chain exists as a shared and continually updated database. This mode of making use of  the network leads tocertain benefits. The blockchain database  is not stowed in any single location, implying its records are easily verifiable and truly public. Thus hackers do not have access to centralized information. The data is stored  simultaneously by many thousands of computers and can be accessed by  anyone on the internet.

Robustness and Durability

Blockchaintechnology is similar to the internet because it has an in-built robustness. By storing blocks of information which are identical all through its network, the block chain is not able to:
  • Have any single point of failure
  • Be controlled by any single entity
The Bitcoin was invented in 2008. Ever since, the Bitcoin block chain has operated without major disruption.  Till date, any of the problems with Bitcoin have stemmed from human error or criminal intent and not any flaws in the underlying concepts.

The internet itself has enjoyed durability for almost over 30 years. Its track record predicts good prospects for future of blockchain technology.  Thus there is scope for best blockchain companies in the future.

Incorruptible and Transparent

The blockchain network exists in a state of consensus. It checks automatically within itself every 10 minutes. It is a type of self-auditing eco-system of digital value. This network reconciles every transaction, which occurs in every 10 minute interval.

Every group of these transactions is called as a block. This results in two important properties:
  • Transparency: data is embedded completely inside the network and by definition, it is public.
  • Incorruptible: it cannot be corrupted because changing any information on the blockchain will mean using a tremendous amount of computing power to override the complete network. Corruptibility may be possible in theory but is unlikely in practice. For instance, using control over the system to capture bitcoins, would destroy their value.
These are all some facts about blockchain technology.

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