Blockchain can be defined as chain of blocks contains information’s with clear and justified system which is about exchanging data. An incorruptible shared & im-mutual digital ledger, this facilitates the process of economic transactions that can be programmed not just financial transactions but everything of data and tracking assets in the business network. It has no central authority, no transaction cost and a democratized system Businesses are using the blockchain as a common data layer for applications to create new classes. Business data and processes are shared across the multiple organization, which reduces the risk of fraudulent & creates new revenues.
Each transaction occurs and the parties agree to its details, its encoded into blocks of digital data and also uniquely sign or identify. The Block which created at first in the blockchain is called as Genesis Block.
All blocks are connected to the one before and after it. All the blocks are verified and perhaps millions of computers distributed throughout the internet. It create an immutable, irreversible chain. All Blocks are chained together & preventing any blocks from being inserted or altered between two existing blocks. Even Blockchain is a distributed ledger which means that a ledger is spreads across throughout the network among all the peers in the network and each peer holds its copy of the complete ledger.
Blockchains proves that it is better than the traditional systems of ledger information so Now-A-days it is used in various applications such as Retails, bankings, bitcoins etc.
3. Cryptographically Secured.
Advantages of Blockchain Technology:
Note: Bitcoin is not Blockchain but bitcoin using the blockchain technology.