What is Blockchain？
A blockchain is a shared, transparent, immutable ledger used to record transactions and track assets. It is a distributed ledger technology that securely records information in a peer-to-peer network. Although it was created for financial services, the potential of blockchain extends far beyond cryptocurrencies. These ledgers can record data from health departments, land registries, eSports, business records, logistics lists, identities — pretty much anything of value.
Blockchain technology is consist of 4 components,
- Peer-to-peer Network
- Blockchain Data Structure
Advantages of Blockchain
- Security Blockchain technology stores information in chronologically synchronized blocks, which are not controlled by any individuals, providing high security.
- Distributed Ledger Decentralized ledgers operate on a peer-to-peer basis, allowing transactions and details of assets to be recorded in multiple places simultaneously without any central authority. Unlike traditional databases, distributed ledgers have no central data storage or management capabilities.
- Immutability Once a block is cryptographically sealed or added to the main chain, it cannot be deleted or edited, ensuring the immutability of the digital ledger.
- Transparencyt Users can verify and track their transactions, the full record of which can be found on the blockchain.