The blockchain,what is it?

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Blockchain :

Blockchain is a public ledger, each block is a collection of data connecting it with other blocks in chronological order. First block in the block chain is called as a Genesis block. Each block stores the data and previous block hash values. Distributed ledger technologies can be programmed to record and track anything of value from financial transactions, medical records and land titles.

Working :

A transaction can represent various actions in a block chain. It represents transfer of value between users on block chain network. Once the transaction is validated it is included in a block, then propagated on to the network, this newly created block becomes a part of ledger and the next block links itself cryptographically. Transactions gets confirmed when ever the new block is created.

The main properties of block chain technology are :

  • Decentralization
  • Transparency
  • Immutability

What are the Application of it?

  • Smart Contracts
  • File storage
  • Internet of things
  • KYC
  • Land title registration
  • Stock trading
  • Crowd funding

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