Blockchain has now become one of the most common buzzwords across various industries, mainly finance, healthcare, and food. It’s increasingly becoming a trend among large corporations to mention blockchain in their earning and strategy announcements.
Blockchain is a type of distributed digital ledger. This technology has proven to be the major value of cryptocurrencies with its far-reaching implications. Some companies, especially startups, are already using ledger technology in major business operations.
Technically speaking, a blockchain is a distributed database. The storage devices for the database are not connected to a common processor. The ‘blocks’ that give the name blockchain are a list of organized records. Every block is connected to the previous block in a systematic manner.
The concept of blockchain was introduced in 2008 by Satoshi Nakamoto, an unknown person or group of people. It was introduced as part of the digital currency bitcoin. This blockchain serves as the public ledger for all bitcoin transactions.
In sum, blockchain has industry disrupting capabilities. The blockchain network defines a democratized system as it doesn’t have any central authority. As we now know, the blockchain is shared on an immutable ledger and the information is accessible to everyone.
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Shamit Khemka
(Founder, SynapseIndia)