Introduction of Blockchain
what is Blockchain Technology?
Blockchain is the trending word in the field of information technology which was launched on 30 August 2011. The blockchain is a decentralized database. It was originally developed for bitcoin. It is the technology that enables moving digital coins or assets from one individual to another individual. It is very important to know that bitcoin is not blockchain.
A blockchain is a digitized, decentralized, public ledger of all the cryptocurrency transactions. It itself is a database in the form of digital ledger. A distributed ledger is a database that is consensually shared and synchronized across network spread across multiple sites, institutions or geographies.
A bitcoin is the digital form of money.
Why choose Blockchain?
- Secured and authenticated:
It is safe because it adopts a digital signature mechanism for creating and executing the transactions and helps greatly in reducing the fraud and paves a clear way for trust and traces the accountability of the processes that took place beforehand.
The transaction history can be shared.
- Ledger development:
When the record executed once it cannot be deleted, means it is immutable. If you commit a mistake, execute one more transaction compensating the previous one.
It makes the processes very authentic. Network become stronger by sharing the more data.
What blockchain cannot do?
- It cannot be controlled by any single entity.
- It has no single point of failure.