“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
– Don and Alex Topscott
The concept of blockchain technology developed by Satoshi Nakamoto has created the backbone of a new type of internet. Initially devised for the cryptocurrency Bitcoin, the blockchain technology has now got a broader aspect of entering into different fields of transactions so as to make exchange easier.
Considering the case of Bitcoins, blockchain can be defined as a technology completely encrypted and decentralized, having no single point of failure. It can also be defined as a mechanism through which the ‘miners’ tend to create the cryptocurrency, the procedure of which involves the transactions being carried out on the network to be validated before being finalized which can be done by anyone and everyone who is able enough to solve a computational the puzzle involving high level of power utilization.
Blockchains are basically built from 3 technologies namely, private key cryptography, P2P (peer to peer) network and program i.e. the blockchain protocol.
Private key cryptography helps in the authentication and identification making the transactions secure without raising up the need to share much of one’s personal information, making it all possible through the address so generated on the network.
Peer to Peer network eliminates the need for intervention by any third party and at the same time removing the hurdle of double payment faced by the users transacting through usual networks.
Blockchain programs by creating a platform for all such transactions, keeping it secure and decentralized, adding to the value of the same.
Also, Blockchain serves as a transparent and incorruptible measure. Under the blockchain technology, every single transaction that takes place is public in nature and is well known to each and every person involved in the technology, hence making it transparent and every transaction so made once approved cannot be altered ( In order to alter one transaction, you need to alter several others which involves extremely high computer power usage and is only possible virtually but not in reality), thereby making it an incorruptible measure.
Blockchain technology, holding no central point of vulnerability, makes it an enhanced secured network. The age-old username-password system to protect our identity that we have all been using since long has got its threats which are solved thoroughly by the public and private key creation by the blockchain technology wherein all our data is secured by several digits address which is secure enough to protect our data from the hackers.
Blockchain technology has been in use on a rising pace since 2016, achieving general acceptance from the masses and is now tantalizing both the big players and the small-scale commercials and is further predicted to go a long way.