Blockchain is the digital ledger of the transactions, contracts that need to be recorded. The key feature of the Blockchain is that digital ledger is accessible across the network.
Blockchain technology allows the participants to interact directly and to make transactions across the internet without the interference of the third party. Blockchain technology has the potential to revolutionize businesses and make the processes secure, efficient, and transparent.
Blockchain offers a fraud-proof structure of transactions. It can be used in many spheres apart from digital currency, which is appealing to many financial institutions and organizations.
A blockchain system consists of transaction records and blocks. Transactions take place in a particular period and are stored in a block. Each block consists of a cryptographic hash that links to the previous transactions and gives rise to a compact string of transactions. The participants in the blockchain technology can see the block and verify it using the consensus algorithms. The approved data is recorded in the ledger as a block and is secured through cryptography.