Overview of Blockchain

The Blockchain is the technology that runs Bitcoin. Bitcoin’s founder Satoshi Nakamoto coined the term Blockchain in his white paper and through this, Blockchain took birth. There are also other technologies similar to Blockchain, but not any of the technology included of all these three features of Blockchain; Peer-to-peer Network, Cryptography and Proof of Work.

A Blockchain as the name implies is a chain of blocks. Every block is the mess of the previous one so it depends on the previous one, actually to all the previous ones - block b depends on the block a, block c depends on the b, in the same way, block b depends on a,  c depends on an as well. This dependency on the previous block guards that you can't easily alter the transaction history.

As every block is made up of multiple transactions, each transaction becomes part of the header of the block and every time a new transaction happens in the block hash is recalculated. In simple words "A Blockchain is a tremendous list of chronologically ordered transactions broken into blocks that are difficult to modify”.

In recent days the recognition of this technology is growing up in different fields at a great pace. Some of the advantages of Blockchain are:

• simplicity
• Decentralization
• Faster transaction settlements
• User-controlled networks
• Reduced transaction costs

This technology has the capacity to make the organizations to use it transparent, democratic, decentralized, efficient, and secure. It is probably to disrupt many industries in the coming 5 to 10 years. Some of the industries it’s already disrupting.

• Banking and Payments, cybersecurity
• Supply chain management
• Forecasting
• Networking and Internet of things
• Insurance, Healthcare
• Private Transport and ride sharing, Real estate
• Cloud storage, Government, Public benefits

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