BLOCKCHAIN: THE BACKBONE OF CRYPTOCURRENCIES
Blockchainwas originally devised for the first digital currency Bitcoin,but presently, the tech community is finding other potential uses for the technology. Blockchain allows digital information to be transmitted,but it ensures that the information cannot be copied thus created the backbone for a new form of internet.
Don and Alex Tapscott, the authors of BlockchainRevolution, said and I quote, "The Blockchain represent an incorruptible digital ledger showing economic transactions which can be programmed to record not only the financial transactions but virtually everything of value." The Blockchain database isn't stored in a particular location. Every record kept on it is truly public and can be verified easily. There is no centralized version of the record which can be hacked.
Also, Blockchain technology has in-built durability and robustness. It has no single point of failure and cannot be controlled by any single entity. Blockchain technology is transparent and incorruptible. Conclusively, the Blockchain was designed to be a decentralized technology. This means that it operates on a user-to-user or peer-to-peer basis and not on the basis of central authority. Everything that happens on it would be a function of the network as a whole.
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