Blockchain is a shared immutable ledger that facilitates the process of recording transactions and tracking assets across a business network. Anything of value can be tracked and traded on the Blockchain network. A Blockchain is a distributed database, which is shared over a computer network. Blockchain stores information electronically in a digital format to make transactions secure.
Blockchain is a new technology, which is known as Distributed Ledger Technology (DLT). With the help of Blockchain technology, currency as well as anything can be converted into digital format and stored. Actually it is an exchange process, which works on data blocks. In this, one block is connected to another block. These blocks cannot be hacked. Blockchain technology aims to keep documents digitally secure. You can take Google Doc as an example to understand Blockchain technology. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred. But, Blockchain is more complex than Google Doc. Simply put, Blockchain is known as Distributed Ledger Technology, which makes any digital asset immutable and transparent through the use of decentralization.
Blockchain allows digital information to be recorded and distributed. Blockchain is an irreversible record of transactions, which cannot be changed, deleted or destroyed. Blockchain was first proposed in 1991 as a research project, but in the year 2009, Blockchain was used in bitcoin.Bitcoin is a cryptocurrency which is built on the basis of Block technology. Blockchain has since been used in the creation of various cryptocurrencies, decentralized finance applications, non-fungible tokens and smart contracts.
