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What is Blockchain?

Learn, what is blockchain? Definition of blockchain, where blockchain is used?
Submitted by Vaishnavi Srivastava, on January 07, 2022

Blockchain is a revolutionary technology. However, surprisingly, blockchain technology is not only safe, robust, and effective, but the concept is also very easy to understand and adaptable. It is like an online excel sheet that promises data security, resiliency, immutability, decentralization, etc.

Google defines Blockchain as "a system in which a record of transactions made in bitcoin or another cryptocurrency is maintained across several computers that are linked in a peer-to-peer network", which is quite complicated to understand, isn't it? Let us understand Blockchain technology in simple terms.

Businesses need data and information to work on and grow, where the data needs to be accurate and received fast. This information can be regarding transactions, records, and assets that can be tangible or intangible. Blockchain provides that perfect solution for the organized delivery of data as it supplies quick, shared, and reliable information that is stored on a ledger that can’t be manipulated and is safe and robust.

The number of people we trust has grown since the dawn of civilization. The internet has resulted in the creation of a global network. However, a corrupt power structure formed among these groups and institutions. As a result, if people lose faith in the system, it is doomed. The network's integrity is jeopardized by nefarious participants. Blockchain ensures data integrity and builds confidence.

In sum, Blockchain can be defined as an immutable, decentralized, distributed ledger in which transactions and assets in a business network are recorded.

Blockchain has various features and applications, that have undoubtedly made it a ruling technology. It can be integrated into a plethora of domains for secure transactions, storage, and organization of data, majorly commercial such as money, property, contracts, etc.

You must wonder, what are the key elements of blockchain? The two major entities in a blockchain are miners and node operators. The network's infrastructure is made up of nodes. Miners are the bookkeepers who decide on the chronological order of events.


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