WHAT IS BLOCKCHAIN?
A blockchain is an innovative type of database, immutable ledger technology which is encompassed in the nodes of a computer network. It can record transactions, track assets and build trust. It is more known because of their important role in cryptocurrency like bitcoin.
Block chain stores the information in blocks and each block’s data is linked with the other blocks.
The blockchain is a specific kind of database that varies from other databases in that it stores data in blocks that are subsequently connected via cryptography.
Since independent blockchains are unchangeable, the data entered into them cannot be changed. This indicates that transactions performed using Bitcoin are visible to the public and permanently recorded.
Blockchain maintains a variety of information types, but the ledger for transactions is the most frequent data type maintained there.
Blockchain Decentralization
One of the fundamental concepts underlying blockchain technology is decentralization. The chain cannot be controlled by a single computer or thing. Instead, through the network’s chain of nodes, it works as a distributed ledger. A blockchain node can be any form of electronic equipment that maintains copies of the chain and powers the network.
This preserves the accuracy of the data stored there and increases redundancy; for instance, if a record is attempted to be modified at one database instance, This prevents a hostile attacker from changing the other nodes. By cross-referencing one another, all other nodes would be able to quickly identify the person who tampered with Bitcoin’s transaction history. This method helps to produce a precise and clear chain of events. As a result, node changes to the network’s data are prohibited.
Logistics and Supplychain Tracking
Using blockchain technology to track items as they move through a logistics or supply chain network has a number of advantages.
Data is available on a safe public ledger, which makes it easier for partners to communicate.
The blockchain provides improved security and data integrity since data on it cannot be altered.
Financial Exchanges
Over the last few years, different firms have emerged offering decentralised bitcoin exchanges. Blockchain exchanges enable quicker and much more affordable transactions. Furthermore, investors enjoy more control and security with a decentralised exchange because they are not required to deposit their money with the centralised authority. Although cryptocurrency is the core business on blockchain-based exchanges, the idea might also be used for more typical investments.
