The concept of Blockchain is distributed platform. It contains a secure history of data exchanges, utilizes a peer-to-peer network to time stamp and verify each exchange, and manages autonomously without a central authority.
• Blockchain keeps a record of all data exchanges — this record is referred to as a “ledger” in the cryptocurrency world, and each data exchange is a “transaction“. Every verified transaction is added to the ledger as a “block”
• It utilizes a distributed system to verify each transaction — a peer-to-peer network of nodes
• Once signed and verified, the new transaction is added to the blockchain and can not be altered
Because it uses a peer-to-peer network, copies of the ledger are stored in many different locations, and unless you manage to track down every single one of them, you can’t destroy it.
Blockchain technology can be utilized in multiple industries including Financial Services, Healthcare, Government, Travel and Hospitality, Retail and CPG.
Benefits of Blockchain Technology
• Increased time effectiveness due to the real-time transactions
• Direct Transactions eliminate the overheads and intermediary costs
• Reduced risks related to cybercrimes, frauds and tampering
• More transparent processes with a proper record creation and tracking
• Highly secure due to cryptographic and decentralized Blockchain protocols
Bitcoin ultimately made its first appearance in 2009, bringing together the classic idea of the mutual distributed ledger, the blockchain, with an entirely digital currency that wasn’t controlled by any one individual or organization. Developed by the still anonymous “Satoshi Nakamoto,” the cryptocurrency allowed for a method of conducting transactions while protecting them from interference by the use of the blockchain.