What is Blockchain? Everything You Need to Know
Do you know the Blockchain? Imagine a world in which you can do transactions and many other things without having to give your personal information. A world in which you don’t need to rely on banks or governments anymore. Sounds amazing, right?

What is blockchain?

Blockchain is a digital ledger. It consists of blocks that hold batches of timestamped transactions. Simply, it is a distributed database shared between the nodes of a computer network. Blockchain has transformed the way information can be shared on the internet because the data can’t be modified or deleted. Bitcoin is probably the most widely known application of blockchain.

How does blockchain work?

A blockchain system consists of two types of record, transactions and blocks. Transactions are simply the actions carried out in a particular period, these are stored together in a block.
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What makes blockchain more unique is that each block contains the cryptographic hash of the previous one, thus forming a chain. What a cryptographic hash does is take the data from the previous block and transform it into a compact string. Since these strings are impossible to predict it means that any tampering with the chain is easily detected.
This method means that blocks don’t need to have serial numbers, the hash allows them to be uniquely identified as well as verifying their integrity. Each block confirms the validity of the previous one right back to the so called “genesis block” at the start of the chain.

What are the pros and cons of blockchain?

As for blockchain, accuracy is increased because there is no human involvement in the verification process. It provides a banking alternative and safe storage of personal information. It can make you do business safely, privately and easily.
In fact, blockchain has a wide spectrum of applications and, over the next 5-10 years, we will likely see it being integrated into all sorts of industries. From finance to healthcare, blockchain could revolutionize the way we store and share data.
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