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Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a 'digital ledger.
Simply put, blockchain is a continuously updated digital record of who holds what. Information about transactions—the time, date, dollar value and the participants involved—is encrypted into a “block” that is linked to other blocks to form a chain.
Blockchain overview. Blockchain defined: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding).
Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers.
Blockchain is being implemented in almost every area of business including cryptocurrencies, supply chain, and logistics, intellectual property management, food safety, healthcare data management, fundraising and investment with security token offering, and notary.
Blockchain is in its embryonic stage and has a lot of scope for evolution in the coming future; with the trend still undiscovered by many, one can find lesser competition in the field in terms of job opportunities.J
A blockchain platform allows users and developers to create novel uses on top of an existing blockchain infrastructure. One example is Ethereum, which has a native cryptocurrency known as ether (ETH). But the Ethereum blockchain also allows the creation of smart contracts and programmable tokens used in initial coin offerings (ICOs), and non-fungible tokens (NFTs). These are all built up around the Ethereum infrastructure and secured by nodes on the Ethereum network.
Blockchain technology was first outlined in 1991 by Stuart Haber and W. Scott Stornetta, two mathematicians who wanted to implement a system where document timestamps could not be tampered with. In the late 1990s, Cypherpunk Nick Szabo proposed using a blockchain to secure a digital payments system, known as bit gold (which was never implemented).