Blockchain Technology Overview

Greetings

In today’s world, blockchain is becoming very common indeed and it is applied in many industries. It's a system where all data is saved into a single digital block. One block is connected to another which makes a chain of blocks called the blockchain.

The most important and immediate characteristic is that no personal or public central authority owns and is capable of governing the block chain. It's all over the network and power is distributed free amongst us in the network. This means that nothing can be changed or added in the system and hence, everything is safe.

These are the features of blockchain:

It possesses many more but as this is an article on blockchain, I want to mention only a few:

• Decentralization: The bitcoin network is not centralized; rather it is distributed throughout the entire network of people.

• Security: This is a service done to enable each block to carry its own code and makes it impossible for someone to alter the block.

• Transparency: No transaction made through the blockchain remains hidden because a blockchain contains a record of every transaction made through it.

Practical Applications:

Blockchain gets to have many uses, although I will be only mentioning a few of them:

• Cryptocurrencies: Bitcoin and other forms of virtual currencies which depend on blockchain and a new model of making payments.

• Supply Chain Management: This technology is employed to track every step taken in the manufacturing and delivery of products.

• In the field of medicine: It is utilized for keeping patient data as well as transferring information about their health.