Nowadays, blockchain is a term that everyone wants to comprehend. In 2018, as Bitcoin gained enormous popularity, people started learning more about blockchain technology and other virtual currencies. One technological advancement that will have a significant impact on changing business and financial services, as well as sectors, is blockchain.
It is a distributed database that maintains a list of ordered records, called blocks, with a timestamp and a link to the block before it. The database’s storage devices are not all linked to a single processor. Blockchain stores information across a network of personal computers, making them not decentralized but dispersed. It indicates that the system is not genuinely owned by anyone and cannot be overthrown.
With the private keys required to write to the file, its owners can modify the blockchain’s components. “Cryptography” is the process of keeping a copy of the distributed blockchain up to date.
Satoshi Nakamoto introduced the idea in 2008. Later, in 2009, it was first put into practice. The digital bitcoin currency was used for the implementation. The blockchain serves as the public record of every Bitcoin transaction that has ever happened online.
Blockchain is becoming so significant that last year, there were rumours that Samsung was working on the first blockchain smartphone ever.