Introduction to Blockchain and its Uses


Blockchain:

It is a technology in which the records of transactions are not shared with the third party. It is a ledger or a record of transactions that cannot be changed or alter until the alteration of the previous block. The data of Blockchain is managed by a lot of computers. Datastores in blocks and it is secured by the cryptography called chains.

All these blocks are linked with each other using cryptography. Blockchain is the cluster of data that stores in it. The data that stores in it, is transaction records, etc.

Uses:

As this is the century of information technology. People are not saved here because everything that they use can be hacked and people can have losses. Banks, mobile bankings, laptops, mobile each and everything can be hacked and data in these things are not saved.

Everyone wants the safety of their data, so Blockchain came to existence to give security to people for their money/transactions. 
Blockchain created a new base on the internet. Nowadays Blockchain is being used in digital currency (Bitcoins).

The ledger, transaction records, the information in Blockchains are not shared with the other authority, even it is open and anyone can see it, and each individual is responsible for their actions.

Blockchain is all about passing information from one to second, in a good and safe way. When an individual creates a block, it passes and verified by many computers across the world that are connected by this system. After verifying a unique Id is given and the block is created and secured by chains. If anyone tried to hack it, it has to dodge all the computers that are connected in this system and this is practically impossible to dodge millions of computers.

In the near future, the majority of the transactions (for loans, for businesses, for anything) will be done through Blockchain technology. Services that are now provided by the banks, will b done by Blockchain technology after some years.   

Admiration:

Blockchain technology gained so much admiration in just a short time, it is because of their model. It is safe to use. No one can hack or change the ledger. All the records are safe because of the cryptography. It is transparent. It has no charging fee. 

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