The Rise Of Blockchain

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A blockchain is a distributed software network that functions both as a digital as well as distributed ledger. Blockchain is a growing list of records, called blocks which are linked using cryptography and a mechanism enabling the secure transfer of assets without an intermediary. Each block contains a cryptography hash of a previous block, a timestamp, and a transaction data thus creating a chain.


The first manifestation of blockchain technology emerged in 2009 with the Bitcoin blockchain, a secure, censorship-resistant, peer to peer electronic cash system. Because Bitcoin is accessible to anyone, it is an example of an open, or a permissionless blockchain.

                                           

Blockchain is a shared, trusted, public ledger of transactions, that everyone can view but with no single user controls. It is a distributed database that maintains a list of transaction data records which is continuously growing, cryptographically secured from any type of data tampering.

The ledger is built using a linked list, or chain of blocks, where each block contains a certain number of transactions that were validated by the network in a given timespan. The crypto-economic rulesets of the blockchain protocol (consensus layer) regulate the behavioral rulesets and incentive mechanism of all stakeholders in the network.

                                                    

 In today’s world there are various types of blockchain technology. Some blockchains have been created for a limited number of participants, with restricted access and then there are some which can be accessed by all.

Blockchain technology provides a permanent forensic record of transactions and a single version of the truth – a network state that is fully transparent and displayed in real time for the benefit of all participants.

Regardless of the type of blockchain protocol that is deployed, blockchain technology single handedly holds great potential to transform old business models, paving the way for higher levels of legitimacy in creating new opportunities for prosperity for everyday citizens. With blockchains and smart contracts, we can now imagine a world in which contracts are embedded in digital code and stored in transparent, shared databases, where they are protected from deletion, tampering, and revision.

Blockchain’s a very interesting technology that will have some very profound applications for society over the years to come.

- Kenneth C. Graffin


About the author:

Hi, I am Shubham Jaiswal. I recently completed my BBA(H) from iLEAD. I am Highly interested in various technologies out in the market and love to play Basketball.
You can catch me up on LinkedIn - https://www.linkedin.com/in/shubham-j-074938101/


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