Blockchain is often used in the same breath as bitcoin – the magic internet money. Since the advent of Internet, there has hardly been as ingenious invention as Blockchain. It allows digital information to be distributed and not copied. In other words, ablockchain is, in the simplest of terms, a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these blocks of data are secured and bound to each other using cryptographic principles.
Blockchain is a transparent mechanism to track your transactions. For example: If a person makes a change to the information, that block isn’t altered or rewritten, instead a new block is created to store that information displaying that a new change has been made at a specific date and time. Furthermore, the entire system is designed to be decentralized and is distributed across large network of computers.
Finally, the beauty of blockchain is to eliminate the need of an intermediary such as a bank or a credit card company. And yes, all this with no transaction cost. Blockchain provides the same level of trust as a bank. Thousands, perhaps millions of computers distributed around the net, verify the transactions that occur on the blockchain platform.
All hail Satoshi Nakamoto – the inventor of blockchain.