What is blockchain technology
Blockchain is a digital ledger distributed equally to all. This technology verifies data transactions over time thus acting as official record keeper.
It’s a technology invented for cryptocurrencies like Bitcoin.
As defined in Forbes website, Blockchain is a protocol for a digital ledger that enables proof of ownership and the transfer of ownership from one entity to another without using a trusted third party intermediary (like a bank).
How blockchain technology is safe and hackerproof
Blockchain keeps a record of every transactions (blocks) done on many specialized servers around the world. This creates a record of transactions i.e., chain which is distributed equally to all like a distributed database.
So these records can be verified with each other to check the authenticity if both has the same record or not.
And due to this it is almost hacker proof because to manipulate it, a hacker has to enter into every record and do the manipulation because here no single centralized copy exists where one can go and do the manipulation that is why virtually impossible to break in.
Blockchain is a peer-to-peer network that is owned by no one but all can access it. It’s users can manage their own digital records.
By design Blockchain is a decentralized technology. That means that it is not dependent on a central point of control. Due to which it becomes more robust, fairer & considerably more secure technology.
It also means that Bitcoin is managed by its network and not any single authority which makes the system really transparent and fairer.
Blockchain technology which was introduced for financial transactions, as its famous with Bitcoin (cryptocurrency) also called as digital gold. But uses of Blockchain technology are far more.
Uses of Blockchain technology
- Blockchain technology has multi uses in the area like:
- legal documentation,
- digital assets,
- various government sponsored subsidy management,
- inventory management,
- medical records,
- or anything which requires a safe and trusted version to transact.
It can revolutionize the way we transact and can increase much more transparency than any previous technology has.