What can be considered as the best outcome from the evolution of cryptocurrencies is undoubtedly its core technology, blockchain. Shining as one of the best innovations of the bygone decade, the blockchain technology and its suite of unprecedented features have played a prominent role in the success of virtual currencies worldwide. In 2008, when Satoshi Nakamoto launched the world’s first cryptocurrency, Bitcoin as an application that would work as a substitute to the traditional payment pedagogies. Though earlier people doubted about the success of Bitcoin and blockchain technology, presently, the new age terminologies have expanded to all the industrial arenas one can think of.
About Blockchain Technology And Its Methodology
In simple terms, blockchain is a distributed ledger technology which allows users to store data and transactions in a cryptographically secured network. The ledger database ensures access of data to all the parties participating in the networks and these are known as nodes. Blockchain eliminates the need for a third party as transactions are verified on the network itself. It is infused with an array of lucrative features such as highest security, transparency, and immutability, etc. which make blockchain a potential game-changer of the current times. The participating nodes are able to keep track of all the transactions occurring on the blockchain so that there is no room for fraudulent activities like data tampering, the omission of transactions, etc.
Each node downloads a copy of the blockchain, which helps in self-validation of the data by the participants. Data stored on the blockchain is given a special fingerprint or a hash that is timestamped and is recorded in blocks on the network. Each block includes the hash of the previous block. At the time of requirement, the users can verify their data by comparing two fingerprints of the same data.
Blockchain And Its Application In Various Industries
Blockchain technology has played a key…