What is blockchain today?
The blockchain is a relatively new and fast developing technology used in Cryptocurrency mainly, which maintains a set of continuously growing records, named as Blocks. These individual blocks in a blockchain contain a hash pointer, which is used to link to the previous block, a timestamp and the relevant data. The blockchain network via Internet or Intranet is continuously updated, which involves the validation of the transactions of all the parties involved. Always a new block is added to the older block in linear, chronological order after validation. The entire chain is regularly updated and all the changes made are reflected in all copies. These individual blocks in a blockchain are linked together and secured using cryptography, thereby meeting the security constraint.
Why Blockchain technology preferred?
Blockchain technology is a distributed ledger, which eliminates the need for the third-party organization, and makes use of a distributed database. Also, all the transaction made on blockchain are immutable, that is, it cannot be altered or deleted.