Blockchain, undoubtedly a unique invention, was developed by either a single person or a group of them, known by the alias Satoshi Nakamoto. Poised to revolutionize the world quite like how open-source software did two decades ago, blockchain too presents the scope to be a similar agent of change. But as it continues to evolve, there’s one question that a considerable majority of the global population seems to be asking far too often:
What is blockchain?
Before we delve deeper into the topic, let us get the basics out of the way. Blockchain is defined as an electronic ledger that can be openly shared among various users and that puts together incorruptible record of the users’ transactions. Each digital record a.k.a. transaction, time stamped and linked to the previous transaction, in the thread is referred to as a block, thus leading to the name blockchain. This technology allows either an open or governed group of users to participate in and access the electronic ledger. And you must also know that each block is connected to a single participant.
What this means is that blockchain can be updated only by the consensus of the participants in the ledger. And once the new data is entered in the ledger, it can neither be amended or be erased. Thus, the blockchain includes a verifiable record of every single transaction ever made in the system.
Information hosted on a blockchain exists as a shared and constantly harmonized database. Furthermore, the blockchain database isn’t stored in a single location, which means the records it contains are genuinely public and easily empirical. A centralized version of this information does not exist, which means a hacker can’t corrupt it. The data, hosted by millions of computers at once, can be accessed by anyone with an internet connection.