What is Blockchain: Everything You Need to Know
Blockchain technology. Unless you have been living under a rock, you must have come across this word that has slowly taken the top spot in the financial and technological sector. So, what is blockchain technology and why is it so sought-after? Everything you need to know about the blockchain on priority can be summed up in two words — cryptographic and tamper-proof. Blockchains work because it is a digital footprint frozen in time that cannot be backdated or changed to suit one’s whims and fancies. The benefits of blockchain technology are numerous and ever-growing.
Everything you need to know about the blockchain is listed below so that you can better understand this game-changing technology, taking the world by storm.
What is blockchain technology?
Blockchain first appeared on the scene in 2008, and consists of chains of blocks, which comprise of various records, that are linked using cryptography. Researchers Stuart Haber and W. Scott Stornetta first described this technology in 1991. They wanted to use technology to time stamp documents so that it could be tamper-proof.
If I try to define what is blockchain in simple terms, in blockchain, every block is a cryptographic hash of the previous block, a time stamp, and transaction details, which make it impossible to replicate or manipulate. It also provides people with a safe, secure, and transparent way of sharing data across a network. As the hashes are unique, changing something inside a block will change the hash. This feature makes it easy to track any changes, as if the block undergoes a change, it is no longer the same block. Another key factor is that every block contains a hash of the previous block linked to it and this makes blockchain extremely secure.