⛓️More on Blockchain

Blockchain is a system which records the information in such a way that makes it impossible or difficult to cheat the system, to hack or to change it. It is essentially a digital ledger. A ledger which is duplicated, which is distributed across the entire network of computer systems listed on blockchain. There are numerous transactions in each block in the chain and every time a new transaction occurs, a record of that transaction is added to the ledger of every participant. This decentralised database is managed by multiple participants combinedly known as Distributed Ledger Technology (DLT). Blockchain is also a type of DLT which records the transactions with a cryptographic signature which is immutable named as hash. DLT is programmable, distributed, secure, anonymous, time-stamped, immutable and unanimous. So, this means that if one block in one chain is tempered, it would be apparent immediately. Also, if hackers wish to change a chain, the person has to change every block across the distributed versions of chain which is a difficult task to do.

There have been numerous attempts in making digital money earlier but none of them made it to success. Then comes the bitcoin which was designed using a specific database called blockchain. These databases used to have people in charge but blockchain is decentralized as it is run by the people who use it. The market is enthralled by blockchain technology and the Decentralisation of currency that it and cryptocurrency enable. There are already over 4000 different cryptocurrencies in existence!