Understanding Blockchain Technology: How It Works and What It Can Do

Abstract

Blockchain is a chain of blocks that are connected together and are continuously growing by storing transactions on the blocks. This platform uses a decentralized approach that allows the information to be distributed and that each piece of distributed information or commonly known as data have shared ownership. Blockchains holds batches of transactions that are hashed thus providing them security and they are managed by peer-to-peer networks. Blockchain, an information administration method, has the potential to encourage responsibility and openness. In a blockchain, each user of the computer network can access the same copy of the transaction ledger. The blockchain technology has the potential to handle various security attacks as it can eliminate the need of the centralized authority to perform various operations. In the blockchain technology, a number of users participate in transaction verification and validation.