What is Blockchain?
A blockchain originally is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
It is ‘An open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way’
Don & Alex Tapscott, authors of Blockchain Revolution define ‘Blockchain’ as
‘The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value’
What industry uses it?
It was originally used only in the cryptocurrency space, but is now a widely used term by all industries.
What are the synonyms of the term ‘Blockchain’?
Sometimes, it is interchangeably used with Distributed Ledger Technology but that is not correct.
Examples of Blockchain:
Why is it important?
Blockchain is a shared single version of the truth of anything digital. Blockchain is of vital importance for today’s ever growing global markets as it presents numerous advantages like:
- Reduced transaction costs
- Faster Transaction Settlements