What is Blockchain?


Blockchain technology is a decentralized, disperse and public digital ledger that is used to record the transactions so that any engaging record cannot be changed subsequently, without the alteration of all subsequent blocks. It allows the user to verify any transaction independently and in an inexpensive manner.

Initially, it is designed by a group with pseudonym Satoshi Nakamoto for the use in Bitcoin ledger, Then the community found its other potential users and it evolved into something bigger. It can be used to distribute digital data without being copied. It is an effective collection of data that is validated by the community not a single authority. It is a collection of blocks and chain where each block represent the number of transactional record and chain is the component that links them all with the hash function. As records are created, they are validated by computer networks and chained with previous entries. thereby creating a chain of blocks ie Blockchain. Blockchains can be public and private.
The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Blockchain solves the problem of manipulation. When I speak about it in the West, people say they trust Google, Facebook, or their banks. But the rest of the world doesn’t trust organizations and corporations that much — I mean Africa, India, Eastern Europe, or Russia. It’s not about the places where people are really rich. Blockchain’s opportunities are the highest in the countries that haven’t reached that level yet.

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