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A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity.
Each of these blocks of data (i.e., block) is secured and bound to each other using cryptographic principles (i.e., chain).
The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see.
Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.
The three main properties of Blockchain Technology which have helped it gain widespread recognition are as follows:
You have a centralized entity that stores all the data, and you have to interact solely with this entity to get whatever information you required.
A person’s identity is hidden via complex cryptography and represented only by their public address.
Immutability, in the context of the blockchain, means that once something has been entered into the blockchain, it cannot be tampered with.
As a normal internet user, you don’t need to know about the specific details of the blockchain technology for it to be useful in your life.
The impact of blockchain technology is genuinely far-reaching and has far more use-cases than being a facilitator for transactions. Several industries have discovered the benefits of blockchain integration.
The blockchain network gives internet users the ability to create value and authenticates digital information.