An Introduction to Blockchain

It can be claimed that currently there is not any technology which is attempting to dominate the world market to the extent that Blockchain technology is. You might haven’t noticed it and feel that this term is one of the common terms in the world of technology with which you will not have anything to do. However, the fact is that in the coming years, or it is better to say, in the near future, a large volume of the world’s financial burden will be on the shoulders of Blockchain. In a short time, you will witness the effects of using Blockchain in various industries in the fields of medication, financial affairs, communications, teaching, and the food industry. However, what is this important and novel phenomenon exactly? How does it work and what benefits does it have?

Blockchain Definition in Layman’s Terms 

Blockchain is a database with the feature of simultaneous access in many computers. This database steadily develops and gets larger by adding different blocks and data to it. Blocks are the data sets or unregistered information which are recorded in the Blockchain database and system.
The registration time for each block in the network is definite, and each block is linked to the previous one or the data sets previous to it. As a result, together, blocks form a chain. No organization or individual undertakes the responsibility or duty of managing these blocks and data. However, whoever is present in this set, will have a copy of all network data.
Old blocks remain in the network forever, and new blocks are added to the system, and there will not be the possibility of canceling them after being registered in the Blockchain network. So, manipulating existing data in this network through fake documents is not possible at all and all information and transactions done in it will be registered in the system forever; in other words, no one can remove the data or cancel the process of data registration after registering them.

Blockchain Data Encryption

All the existing data in Blockchain are encrypted in a particular way. All can have access to all information present in the network, but just the user who holds specific network encryption key can add new data. As long as this user is the only person who knows about the mentioned key, no one is able to impinge on his transactions. Blockchain is an independent and safe network which has a transparent performance.

Growth and Performance of Blockchain in the Field of Cryptocurrencies

 In 2008, an individual or a group named “Satoshi Nakamoto” employed Blockchain system as an infrastructure to apply digital currencies. Bitcoin was the first digital currency which came to be for peer-to-peer trades. The transactions and trades conducted via Blockchain infrastructure and wherein Bitcoin is exchanged as a digital currency are very secure, and no foundation or organization will be able to control these trades. In fact, transactions in Blockchain infrastructure remove middlemen from different transactions.
Blockchain applications are not limited to cryptocurrencies. This system can be employed in different cases. For example, using Blockchain network in tracking factory products in the value chain is among remarkable applications of Blockchain. With the help of this network, the route of each product can be tracked from the moment it is manufactured up to reaching the final customer. These are just some examples of Blockchain applications. The benefits of this novel technology can be seen in medical sciences, education, and communications.