What is Blockchain Technology

Previous year can be Said as the year of blockchain since bitcoin price was hiked to almost 20,000$ in b/w Nov and December.from there on there are several news about blockchain technology so what exactly blockchain is and it’s use. Here is an article.

What is a ‘Blockchain’?

A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.

Originally developed as the accounting method for the virtual currency Bitcoin, blockchains – which use what’s known as distributed ledger technology (DLT) – are appearing in a variety of commercial applications today. Currently, the technology is primarily used to verify transactions, within digital currencies though it is possible to digitize, code and insert practically any document into the blockchain. Doing so creates an indelible record that cannot be changed; furthermore, the record’s authenticity can be verified by the entire community using the blockchain instead of a single centralized authority.

Use of blockchain:

Use of blockchain technology is not limited to the financial sector. It is being used in many other areas. For example, Honduras government has put all land records on a public ledger – the blockchain. The minute there is a change in ownership, it gets recorded publicly.

The Australian Securities Exchange (ASX) announced this year that it would move Australia’s equities clearing and settlement system on to blockchain.

Also read : India’s first own bitcoin wallet app for mobile

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