What is Blockchain?
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).
"Bitcoin is a remarkable cryptographic achievement, and the ability to create something that is not duplicable in the digital world has enormous value."
Eric Schmidt, CEO of Google
Key Benefits of Blockchain
Consensus-based
All the transactions and data are attached to the block after the process of maximum trust verification. There is a consensus of all the ledger participants on what is to be recorded in the block.
No third-parties
The blockchain technology allows for verification without having to be dependent on third-parties.
Transparent
The transactions that take place are transparent. The individuals who are provided authority can view the transaction.
Smart contracts
With the smart contracts, the businesses can pre-set conditions on the blockchain. The automatic transactions are triggered only when the conditions are met.
Highly secure
It uses protected cryptography to secure the data ledgers. Also, the current ledger is dependent on its adjacent completed block to complete the cryptography process.
Distributed
The ledger is distributed across every single node in the blockchain who are the participants. So, it is distributed.
Decentralized
The transactions stored in the blocks are contained in millions of computers participating in the chain. Hence it is decentralized. There is no possibility that the data if lost cannot be recovered.
Immutable
The data structure in a blockchain is append-only. So, the data cannot be altered or deleted.
Low risk of frauds
Since various consensus protocols are needed to validate the entry, it removes the risk of duplicate entry or fraud.
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