DLT (Digital Ledger Technology) or Blockchain generated a buzz worldwide, a few years ago in the form of cryptocurrencies like Bitcoin & Ethereum. Since then, as the dominance of this technology influenced the digital world, everyone here is now known and influenced by blockchain news.
As the name implies, Blockchain is a chain of blocks, coded with highly secured transaction data inside it. Each time a transaction occurs, body leaves a ledger (core of Blockchain) behind, creating a history.
This information is in the form of hash, which contains data of every relevant block in that chain. Hash is calculative everywhere, for all the members of that chain.
The said information can be of any type, like money, address, important papers, or even something confidential too. These blocks are so secure in nature that no hacker can leak the info out of it, which really makes it very interesting and useful technology in the present world.
Though there have been certain cases recently where blockchain has been breached but that is only making the technology safer for future use.
Two main key concepts of blockchain are:
This simply means that no one can change the already entered code. The history always remains and the ledger will always appear after every single transaction.
This one means that every member from the chain can check and verify the Blockchain. This is done by mathematical keys where each key contains a hash by means of which calculation can be done.
A trustful & transparent system is available in ledger technology in which transactions and their details are recorded at multiple places.
Although the idea of blockchain was discussed back in 1991 but it took its first real existence in 2008 when Bitcoin was introduced by Satoshi Nakamoto in the form of first cryptocurrency.
Bitcoin stormed the whole world a few years ago when it reached the heights of digital money and left the IT industry with several possibilities.
Today, there are many-many companies that are openly investing on this technology just for the sake of more inventions.
MNCs such as Facebook, Amazon, Walmart, & IBM are carrying experiments in various fields to put blockchain to the best use. Companies are looking at a different level of implementation through this outstanding ledger technology.
Blockchain can lead to decentralization of technology, where the role of the governments & banks can be minimized through it. The more well-and-good flow of information can be generated through it with number of advantages of decentralized blockchain, which will include removal of mediator/ the central system.The idea behind decentralization, as seen in the blockchain technology, is to get rid of the central authority and create a decentralized system with computers (nodes) all over the world being a part of that system.
In other words, all participants in the blockchain network are in control of the technology and transactions based on it, instead of just one participant.
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