What is Blockchain?

Blockchain is a shared, immutable ledger for recording transactions, tracking assets and building trust. It is a distributed ledger technology, which securely records information across a peer-to-peer network. Although it was created for financial service, blockchain's potential lies far beyond cryptocurrency. These ledgers can record data from Health sector, Land Registry, eSports, Enterprise Records, logistics Manifests, identities - almost anything that holds value.

Blockchain technology is actually a combination of 4 components:

  • Peer-to-peer networks
  • Consensus mechanism; Crypto economics and Game theory
  • Cryptography
  • Blockchain data structure

Key benefits of Blockchain

  1. Robustness
    Blockchain Technology stores information in blocks which are chronologically synchronised. And these blocks cannot be controlled by an individual making blockchain highly secured.

  2. Decentralised Ledger
    Decentralised Ledger operates on peer to peer basis. DLT allows to record the transaction of assets and their details in multiple places at the same time without any central authority. Unlike traditional databases, distributed ledgers have no central data store or administration functionality.

  3. Immutable
    Once a block is sealed cryptographically or added to main chain, it is impossible to delete or edit, ensuring the immutability of the digital ledger.

  4. Transparency
    It is possible for a user to verify and track his transactions, with the entire the record of the transactions available in the blockchain.

📜Resources

📗 Newbie Guide to Blockchain
📙 Blockchain 101