The process of sending , receiving , distributing and storing data in digital(crypto)currency format as a digital ledger in chain of blocks.
Why Do We Need Blockchain?
Majorly it is used for crypto currency but It offers new tool for security like authentication and authorization in the digital world that preclude the need for many centralized administrators. As a result, it enables the creation of new digital relationships.
Blockchain is best known for being the technology behind cryptocurrencies like Bitcoin and Ether (the currency of Ethereum), but blockchain is much more than an instrument of finance. Blockchain serves as a bookkeeping platform or ledger that is incorruptible, enforces transparency, and bypasses censorship.
How does Blockchain works?
A transaction is placed in a block by miners who are special nodes. The computers in the network holding the Blockchain are called nodes. Miners place transactions in blocks in response to proof of work challenges. Cryptography is essential on Blockchains to thwart thieves who would like to hack into the Blockchain.
Greater transparency.Transaction histories are becoming more transparent through the use of blockchain technology. ..
Improved traceability, Increased efficiency and speed, Reduced costs.
Enhanced security. There are several ways blockchain is more secure than other record-keeping systems.