Blockchain

Blockchain can be defined as a chain of blocks that contains information. The technique is intended to timestamp digital documents so that it’s not possible to backdate them or temper them. The purpose of blockchain is to solve the double records problem without the need of a central server. A blockchain is a computer file for storing data. Or, to put it in more technical terms, it’s an open, distributed database. The data is distributed  across many computers, and the whole blockchain is entirely decentralised. This means no one person or entity (say, a government or corporation) has control over the blockchain; this is a radical departure from the centralised databases that are controlled and administered by businesses and other entities. The blockchain is used for the secure transfer of items like money, property, contracts, etc. without requiring a third-party intermediary like bank or government. Once a data is recorded inside a blockchain, it is very difficult to change it.

A blockchain is a tamper-proof, shared digital ledger that records transactions in a public or private peer-to-peer network. All assets are embedded in digital code and stored in transparent, distributed databases. Every transaction has a unique digital signature that is identified and validated by the entire network, protecting them from deletion, tampering, and revision. As such, blockchain’s new form of data sharing and asset transfer has the potential to eliminate intermediaries and central third parties.