what exactly blockchain technology is?
What is a blockchain?
Suppose you want to buy something from a service or good provider. The first and easiest way is to meet and take. Which is practically a toughest task in our day to day life. Secondly you can use a third party authority to take in charge of the transaction between you and your provider.But that will cost you some transaction cost. Is there any way that let you transact securely and also no transaction charge needed. The answer is blockchain. A technology of tomorrow.
In simple terms, a blockchain can be described as an append-only transaction ledger.This is saying that old information cannot be edited or modified but new information can be added. A new block is added after another in a cryptographic way, such that any change to the contents of a previous block in the chain would invalidate the data in all blocks after it.
Blockchains are consensus-driven. A large number of computers are connected to the network, and to reduce the ability for an attacker to maliciously add transactions on the network, those adding to the blockchain must compete to solve a mathematical proof. The results are shared with all other computers on the network. The computers, or nodes, connected to this network must agree on the solution, hence the term "consensus."
This also makes the work of appending data to the ledger decentralized. That is, no single entity can take control of the information on the blockchain. Therefore, we need not trust a single entity since we rely on agreement by many entities instead. The beauty of this construct is that the transactions recorded in the chain can be publicly published and verified, such that anyone can view the contents of the blockchain and verify that events that were recorded into it actually took place.
So to summarize, blockchains are:
safe
Secure
Decentralized
Fast
5.Cheap
