A Clear Concept Of Blockchain Technology

 Blockchain: Literally, the word “Block” means a heavy piece of timber. Another meaning of the word is “A number of things all together” such as; a block of seats in a theatre. Again, the word “chain” means a series of things linked together.

Together with the words “Block” and “Chain” a digital system of storing information or account book (register or ledger of transaction for dealings or trading) is named as Blockchain. So, Blockchain is a digital or computerised system of storing information in a way that makes it nearly impossible to change or hack or cheat the system. Thus, Blockchain is such a shared and unchanging digital ledger of transactions (register or account book) that collects information together in groups known as blocks that hold sets of information and have certain storage capacity and makes the process of recording transactions tracking assets easier in a business network.

Blockchain Technology: As 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 which is duplicated and distributed across the entire network of computer systems on the Blockchain. So, Blockchain Technology can easily be defined as a decentralised, distributed ledger that records the origin of a digital asset. In other words, Blockchain Technology is a structure that stores transactional records. It is also known as the “Block” of the public in several databases known as the “Chain” in a scalable manner. 

How Blockchain Works: Blockchain works as a shared ledger by allowing thousands of connected computers or servers to maintain a decentralised system. That means, as a shared ledger, Blockchain allows thousands of connected computers or servers to maintain a single, secured and unchanging ledger. [ to be continued]