What is blockchain technology?

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What is blockchain technology?

A blockchain originally block chain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. A blockchain can serve as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta.
          It can also be defined as "A database or a ledger that maintains a continuously growing list of data records or transactions".
"So, it's a spreadsheet, like Excel?" Many of us may be thinking of that.
    In a way yes, but it has qualities that make it better than traditional databases.

Here are some pointers I would like to mention why this technology is safe and trending for transactions now-a-days.
  • Shared Publicly: Server or nodes, maintain the entries(known as blocks) and every node sees the transaction data stored in the blocks when created.
  • Decentralized: There is no central authority required to approve transaction and set of rules 
  • Secure: The database is an irreversible record posts to the ledger cannot be revised or tampered with-not even by the operators of the database.
  • Trusted: Distributed by nature of the network requires computer servers to reach a consensus which allows for transactions to occur between unknown parties.
  • Automated: The software is written so that conflicting  or double transactions do not become written in the data set and transactions occur automatically. 
Here is  an example of its working
  1. If A wants to send money to B.
  2. The transaction is represented online as a 'block'.
  3. The block is broadcast to every party in the network.
  4. Those in the network approve he transaction is valid.
  5. The block then can be added to the chain, which provides an incredible transparent record of transaction.
  6. The money moves from A to B.
  

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