BLOCKCHAIN-
THE BLOCKCHAIN SYMBOLIZES A SHIFT IN POWER FROM CENTRES TO EDGES OF THE
NETWORKS
Blockchain cannot be described as a revolution. It
is a tsunami-like phenomenon, slowly advancing and gradually enveloping
everything along its way by force of its progression. With all technology
advancements, it is almost impossible to think our lives without technologies,
some technologies are making our lives easy and some are making difficult
because technologies always have some advantages and some disadvantages.
The blockchain is public decentralized ledger that
used to record transaction through many computers so that the transactions
cannot be altered. Blockchain is list of records, called blocks which is linked
with cryptography, each block contains a cryptographic hash of the previous
blockchain. In other words blockchain is like a special Google spread sheet and
it can be connected to the computer via internet and records every transaction
that happens on the row of that spread sheet and this spread sheet is called as
ledger. Anyone who wants to access that spread sheet (ledger) can access it via
mobile or computer and can add transaction but that spread sheet does not allow
anyone to alter or edit the information recorded once.
The benefits of blockchain are, there is a greater
transparency of transactions as it is a type of ledger that every participant
share the same document. Another advantage is enhancement of security by
encrypting every transaction so that it minimizes the frauds. Blockchain
improves traceability and increase efficiency and speed and reduces third part
cost.
Blockchains are digital organisms. As organisms evolve
through changes in their DNA, blockchain protocols evolve through changes in
their codes.
