Blockchain is a technological solution to today’s growing market appetite and desperate global market of the information age. In Blockchain, a set of transactions are grouped together to form a block, and these blocks are saved in different computers (nodes) resulting in a distributed environment.
Blockchain is a technological solution to today’s growing market appetite and desperate global market of the information age. In Blockchain, a set of transactions are grouped together to form a block, and these blocks are saved in different computers (nodes) resulting in a distributed environment.
Each block contains a link to previous block (hash value), transaction date, and the block time stamp. For the next set of transactions, again a new block is created with transaction details, transaction date, a hash to the previous block, and time stamp.
This way different blocks are created and are linked together to form a chain of blocks and hence the name blockchain. Blockchain is also referred to as distributed shared ledgers or public ledger and it is a continuously growing chain of blocks.
Since blocks are distributed in different nodes across the world, blockchain avoids single point of failure and single point of attack, and since the nodes in the blockchain are anonymous, it achieves a high-level security.
Once the block is added to the chain, the content of the block cannot be altered. Because modifying one block requires modification of subsequent blocks in the chain and also since the nodes are anonymous it is difficult to identify the nodes where blockchain is stored and make changes in the particular block.
Unlike thecentralized approach, the information available in each block of blockchain is shared and will be available with all the other nodes in the network hence the name public ledger. Thus transparency is another key feature of blockchain which attracts people.
Because of its inevitable characteristics, blockchain certainly has stolen the limelight in the market. Today many different variations of blockchain applications can be seen including Healthcare, Supply Chain, Asset Tracking and Tracing, etc.
The Finance industry, especially payment segment applications, is expected to drive the blockchain market in the future. Furthermore, a large group of researchers are doing research on blockchain to know-how further this technology can be improved and could be used in different contexts.
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