Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions.
As per the name ‘Blockchain‘, it itself suggests that information (i.e transactions) will be stored in the form of blocks. Every node can see the block, but they can’t tamper with them. If a block value is tampered the hash value associated with that block changes and that block will be disconnected from the network. On an average of 12.6 seconds, every node in the blockchain network gets the most updated blockchain. The technology behind Bitcoins is the Blockchain Network. Following are the components of a Blockchain network –
Bitcoin (BTC) is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions.
Blockchain technology can be utilized in multiple industries including Financial Services, Healthcare, Government, Travel and Hospitality, Retail and CPG. Financial Services: In the financial services sector, Blockchain technology has already been implemented in many innovative ways.