What is Blockchain Technolgy

Blockchain Technology

“The Science of today

Is the technology of Tomorrow?”

                          --------Unknown



Today blockchain is the world’s most trusted all-in-one crypto technology. Blockchain technology has given a secure future to the online transfer and also to the most popular crypto-currency BitCoin. Many of us still will not be known by the term Blockchain. So, let’s take an overview of Blockchain Technology in this article.

A Blockchain, in the simplest terms, it is a time-stamped series of an immutable distributed database which acts as an ‘open ledger’ to record and manage the transactions on each and every node connected in the blockchain. Blockchain is nothing but just a series of blocks which is connected to each other forming a chain. Each block contains the hash number (address) of the previous block. Coming to its history on 31st October 2008 Satoshi Nakamoto (unknown person or a group of people) introduced BitCoin crypto-currency and Blockchain together. On 3, January 2009 first BitCoin exchange was established through Blockchain. This technology has been integrated into many areas today. Blockchain is of three types: Public Blockchain, Private Blockchain, and Consortium Blockchain. The major feature of Blockchain is to record or to create Proof-of-work done on the network. Each and every transaction made on Blockchain will be recorded on each and every node connected to the network itself. All the records are immutable (means they cannot be altered and deleted). The main features of blockchain are to solve the problem of double spending and it also eliminates the need of the third party.

These days blockchain technology has made the crypto-currency transactions very secure. As by now, we all come to know that blockchain is nothing just a collection of blocks in the sequence. Purpose of blocks is to record all the transactions occurred on the network. The first block on the blockchain network is known as the Genesis block. Each block is consisting of four parts that are Block header, previous hash, Nonce, and Markle root. Each block on bitcoin blockchain could store up to 1MB of data. Today blockchain technology had been adopted in many other sectors such as Finance sector, Hospitality sector, Healthcare Industry, The Insurance Sector, The Legal Sector, The Real Estate Sector, etc. Blockchain has really given meaning to the entire above sectors.

Today Blockchain has been a backbone of many Industries in the world. The major purpose of Blockchain invention was to secure the transaction made in BitCoin crypto-currency, but this concept or invention has been adopted by many of the other fields also. This invention till now has been considered as the best invention ever made by any inventors. This technology has taken the I.T. Sector to another level. Today blockchain technology has made the online business and crypto-currencies much secure with the process of their transactions.