WHAT IS BLOCKCHAIN TECHNOLOGY?

WHAT IS BLOCKCHAIN TECHNOLOGY?

Blockchain technology was introduced in 2008 by an individual or a group of developers named “Satoshi Nakamoto”. It was the mathematical foundation of the digital currency popularly known as cryptocurrency. Nowadays, blockchain technology is not only considered the foundation of cryptocurrency but also of a wide range of applications in both financial and non-financial industries. Blockchain is a digital, decentralized, distributed ledger that records transactions. Its name originally comes from the “block” and “chain” introduced by Satoshi Nakamoto in 2008, where transactions are grouped in blocks as a data package and also chained with each block linked to the previous one. Thus, a blockchain represents a complete history of the transaction history In addition, blockchain is a distributed system that requires more than one node to be fully functional, but it is also decentralized so that no individual node could fully control the whole network. Hence, no central authority is required, and it provides greater security and better efficiency along with added privacy. Besides, transparency is also guaranteed in blockchain as the complete transaction history is stored by everyone on the network. In blockchain, each block not only stores the transaction's detail and timestamp but also saves the hash values of the previous block with a random number ensuring negligible traceability.