BlockChain and Its Trifling Matters
A blockchain is essentially a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties.
Each transaction in the public ledger is verified by consensus of a majority of the participants in the system. And, once entered, information can never be erased. The blockchain contains a certain and verifiable record of every single transaction ever made. Bitcoin, the decentralized P2P digital currency, is the most popular example that uses blockchain technology. The digital currency bitcoin itself is highly controversial but the underlying blockchain technology has worked flawlessly and found wide range of applications in both financial and non financial world.
The main hypothesis is that the blockchain establishes a system of creating a
distributed consensus i n the digital online world. This allows participating entities to know for certain that a digital event happened by creating an irrefutable record in a public ledger. I t opens the door for developing a democratic open and scalable digital economy from a centralized one. There are tremendous opportunities in this disruptive technology and revolution in this space has just begun.
This basics or abstract is collected from ''Michael Crosby''.
I will breakdown each and every part of the blockchain and its related matters in the future. I will let it go subsequently and will present to you in several parts with everything I can. Thanks!!! For the reading and follow me to get the next updates.