Blockchain is an ingenious discovery which has revolutionized the modern digital world. It allows the distribution of digital information but there is no copying of it. It is now the backbone of the new internet technology. Blockchain technology was originally devised for the cryptocurrency Bitcoin but now has found a number of potential uses.
“Blockchain is a digital ledger which is incorruptible and carries economic transactions which are programmable to record virtually anything which has value and not just for its popular use financial transactions.” according to Alex Tapscott and Don, co-authors of the book “Blockchain Revolution” released last year 2016,
Blockchain is like a spreadsheet of information which works like a continuously shared and reconciled database. This database is not located in any particular place which means the records are genuine and public and any one can easily verify it. No hacker can corrupt the information as there is no centralized version of this database. This data is simultaneously hosted by millions of computers and can be accessed by anyone on internet.
Blockchain technology stores information which is truly identical all across its network and there is no single entity which has full control over it and there is no single point of failure in it.
Bitcoin, the first popular application of the Bitcoin technology was invented in the year 2008 and since then the Bitcoin Blockchain technology has operated without any significant disruption. If any issues have been recorded in the working of Bitcoin, it has occurred due to human error or bad intent. The underlying concept has no flaws discovered till now!
Blockchain is a robust system which delivers the highest degree of accountability. There are no missed transactions and there are no exchanges which are done without the consent of the involved parties. Blockchain technology guarantees the validity of a transaction by creating a record in the main register as well as a connected and distributed system of registers.