10 July 2020
The 21st century is about innovation. And present-day innovation has changed us in many ways reforming how we play, work, and live. With the expanding need for modernization in our day to day life, individuals are busy accepting these innovations. Since the world keeps on developing, what is working today most likely won't work tomorrow. So it is smarter to remain completely educated about all the new rising innovations, for example, the most trending innovation “Blockchain Technology”.
What is blockchain?
In trying to get more familiar with blockchain, you must have encountered a definition like this: “blockchain is a distributed, decentralized, public ledger”. This definition sounds a bit tough, but the blockchain is actually easier to understand. In simpler terms, blockchain means a chain of blocks. The block represents the “digital information” and the chain represents the “public database”. You can likewise consider it as a chain or record added in the types of squares which are not controlled by a single entity. Moreover, blockchain is a distributed ledger that is open to anyone and everybody on the system.
How does Blockchain work?
When a data gets added to a blockchain, it is publicly available in the same way it was originally added but it is very difficult to change it. Do you really think it is true?
Let’s understand it with an example. If you buy a car and add a photo of its bill on the blockchain, then for lifelong you can prove that you owned this car, even if the original bill gets misplaced. This is because the data in the blockchain is immutable that means nobody can change nor delete the photo. So, in this way many sensitive data such as bank details, medical records can be made immutable. Likewise, we live in a world where people rely on the various databases to store their sensitive information, but these databases are owned by companies which have access to the sensitive data saved on the system. But in the blockchain, this is not the scenario, here you and only you can access the data because of its unique features like decentralization (having no central governing authority), an unrestricted market, and transparency. This uniqueness gives individuals the ultimate control of their identity and activity.
Thus, blockchain is a digital concept to store data safely and securely.