What is Blockchain

A blockchain is an organized collection of information that typically encrypts and stores its data in block form and then chains them together, making it difficult to hack, change, or cheat because it is accessed by everyone.

Blockchain by default is an immutable( meaning a file or data stored, recorded is not changeable) distributed digital ledger ( is a record of digital transactions or data stored in multiple places on a computer network).

The distributed digital ledger immutability means you can trust it to be accurate. In addition, being distributed protects the Blockchain from network attacks.

Each transaction record on the ledger will be stored in a “block.”

The information in a block is linked to the information in a previous block and, over time, forms a chain of transactions.

An analogy to help you understand blockchain technology is a Google Document. for example, when you share a document (with edit access) to people within your organization, the document will be distributed instead of copied or transferred to them. The process of distributing the document will create a decentralized distribution chain that gives access to everyone on the document simultaneously. Nobody is denied access or awaiting changes from one another; while all document modifications are in real-time, making changes is completely transparent.

Note: A decentralized system doesn’t have one central owner. Instead, it uses multiple central owners; each usually stores a copy of the resources the users can access.

From the image above, you will see that there is no central owner of the document, which eliminates the central authority of ownership and encourages transparency in all transactions.

From the image above, you will see that there is one central owner of the document with full authority to modify the document without the knowledge of the other people.

Conclusion

Adopting blockchain technology will bring about more security, transparency, credibility, no fraud in every sector of our lives because blockchain technology doesn’t rely on one owner but many owners.

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