Blockchain is a digitally distributed, decentralized, public ledger that exists across a network. Virtually anything of value can be tracked and traded on a blockchain network, decreasing risk and cutting costs for all involved. In a narrow sense, we can deal with blockchain as a never-ending or ever-growing digital list of data records. It is a secured technology or a mode of transmission that is used by various groups as it serves a very complex algorithm that is almost impossible or immensely difficult to crack or hack.
The first prototype and idea behind blockchain technology were described in 1991 by research scientists Stuart Haber and W. Scott Stornetta as they introduced a computationally practical solution for time-stamping digital documents so that they could not be tempered. The work of Haber and Stornetta inspired and further motivated other researchers that lead to the creation of “Bitcoin” as the first-ever electronic transaction medium( cryptocurrency). First prototype and paper regarding Bitcoin were published by Satoshi Nakamoto in 2008.
Blockchain transactions occur within a peer-to-peer network of globally distributed computers which ensures the proper decentralization. Each user maintains a copy of the blockchain and supports the functioning and security of the network. Blockchain is designed in such a way that it opposes and resists the frauds on the internet and many other unethical activities on transactions or communication of data around the globe. Blockchain is a faster and more accurate medium for delivering information as only permissioned networks have access to the system. This network can track orders, accounts, etc that further ensuring the security of the system. Thus we can ensure greater trust and security in the system also addressing issues is much more faster and efficient as the system is decentralized and can be operated by any permission node. There can be many ways to design a blockchain network as it can be Public, Private, Permissioned, or consortium. Bitcoin, Litecoin, Ethereum, etc are popular examples of blockchain networks.
Thank you Suwarna Pyakurel, +2-SOS HGS Sanothimi
Short but Informative. Keep writing!