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BLOCKCHAIN



A suite of the distributed ledger (A distributed ledger (also called a shared ledger, or distributed ledger technology, DLT) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions. There is no central administrator or centralized data storage) of technology that can be programmed to record and track anything of value from financial transactions, medical records or even land titles.

Why blockchain is revolutionizing?

  • The way it tracks and store data: Blockchain stores information in batches, called blocks that are linked together in a chronological faction to form a continuous line metaphorically a chain of blocks. If you make any changes to the information in a particular block you don't rewrite it instead the changes are stored in a new block showing that 'x' changed to 'y' at a particular date and time. The blockchain is based on the centuries-old method of the general financial ledger. It's a non-destructive way to track data changes over time. Blockchain was designed to be decentralized and distributed across a large network of computers. This decentralizing of information reduces the ability for data tampering.
  • It creates trust in the data: Before a block can be added to the chain a few things must have to happen. First, a cryptographic puzzle must be solved, thus creating the block. The computer that solves the puzzle shares the solution to all the computers on the network. This is called proof-of-work. The network then verifies the proof-of-work if correct new block will be added to the chain. The combination of these complex math puzzles and verification by several computers ensures we can trust each and every block on the chain.
The blockchain is a type of technology, not a single network. It can be implemented in many different ways, some can be completely public open to everyone to view and access. Others can be closed to a group of authorized people, such as companies, banks etc.

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