Blockchain

The Blockchain is one of the powerful and ingenious invention of the mankind. The brainchild of a person or a group of pseudonym, Satoshi Nakamoto. What is this it? Why there is such a buzz around it all over the world? 

Blockchain is the New Internet of the 20th generation, which distributes digital information but does not copy it. Came to existence as a digital currency mechanism, "BITCOIN", the concept has revolutionized the fin-tech world. Now it has slowly become a  giant technology finding potential use in all the sectors of economy whether it is IT, Supply chain, retail, finance etc. Soon none of the sector will be untouched with its unique and secure solutions. 

A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is m A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) is secured and bound to each other using cryptographic principles (i.e. chain).

The reason why the blockchain has gained so much admiration is that, It is not owned by a single entity, hence it is decentralized. Also, the data is crypto-graphically stored inside and the blockchain is immutable, so no one can tamper with the data that is inside the blockchain. Most importantly, the blockchain is transparent so one can track the data if they want to.

The three main properties of Blockchain Technology which have helped it gain widespread acclaim.

What is Blockchain good for?

- Smart contracts

- The Sharing Economy

- Crowd Funding

- Governance

- Supply Chain Auditing

- Data Security

- Prediction  Markets

- Protections of Intellectual Properties

- Identity management

- Stock Trading

- Land Title Registration

Source: Blockgeeks

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