Blockchain technology is in the hyper-scale stage, but it is one of the certain disruption factors in verticals such as Banking and Financials, Health, Supply chain management, and Health. The Blockchain is generally described as an append-only transaction ledger. This means that ledger can be written onto with new information or data, but the previous information, stored in blocks, cannot be edited or we can say it is immutable. This is achieved by using cryptography to link the data of the newly added block with each block before it, such that any addition to the contents for the previous block in the chain would invalidate the content in all blocks after it.
The Blockchain is consensus-driven phenomena. A large number of systems are connected to the widespread network, and to mitigate the ability for an intruder to maliciously add any transactions on the network, those additions to the Blockchain must compete to solve an arithmetic’s proof. The conclusions are shared with all other nodes on the network. The computers, connected to this network should agree on the results, hence the term “consensus.”
This also bolsters the fact of ledger decentralization i.e no single individual can take control of the data on the Blockchain. Therefore, one’s need not trust a single entity as we rely on agreement by copious entities instead. The charm of this design is that the transactions recorded on the chain can be publicly exposed and verified, such that everybody can observe the contents of the Blockchain and authenticate the events that were recorded on it actually took place.
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