What is Blockchain Technology And How It Is Useful For Us

Blockchain is being termed as the fifth disruptive innovation in computing. Blockchain technology or the distributed, secure ledger technology has gained much attention in recent years. This article presents blockchain technology literature and its applications. A very significant plus of the blockchain technology is that it solves two of the most dreaded problems of currency based transactions, which have so long necessitated the requirement of a third party to validate the transactions. Blockchain Overview Blockchain technology is a sophisticated, interesting, and emerging technology. It provides a reliable way of confirming the party submitting a record to the blockchain, the time and date of its submission, and the contents of the record at the time of submission, eliminating the need for third-party intermediaries in certain situations. However, it is important to consider that blockchain technology does not verify or address the reliability or the accuracy of the contents, and additionally blockchain technology provides no storage for records, but instead the hashes thereof A blockchain is an electronic ledger of digital records, events, or transactions that are cryptographically hashed, authenticated, and maintained through a “distributed” or “shared” network of participants using a group consensus protocol. Much like a checkbook is a ledger…

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