Blockchain is an ingenious technological innovation that was originally created for the cryptocurrency, Bitcoin. Having gained widespread attention in the recent past, this technology is now being explored for wider use cases.
Blockchain is a database hosted on a particular server that is authenticated by a community, instead of a single entity like a bank or government. This technology allows people to add entries to the record of information and users of the community have total control over the record, from its amendment to updates.
The “block” element of the technology signifies the number of transactional records and the “chain” is the linking factor that sequentially glues all these records. Each new block is validated by a distributed network of computers, which thereafter is added to the previous records in the chain. This process creates a chain of blocks known as blockchain.
Since the whole blockchain technology is maintained across a large network of computers, none of its member community has control over the history. It means that no one can change anything that has occurred prior in the chain. Blockchain is like a public ledger which is not easy to be meddled with as it is built-in within layers of protected, highly standardized database.