What is a blockchain?
The blockchain is a technology for peer-to-peer cryptocurrency transactions. Peer-to-peer means there is no third party involvement; like a bank or broker.
It is a shared, decentralized, and open ledger of transactions.
A decentralized distributed system is one where there is no “master” node as such. “Open ledger” means, every transactional entry is permanent, cannot be changed or altered.
The Blockchain data structure
Every block is a collection of transactions, that is why the name is blockchain.
Every block header contains the hash of the previous block so that no one can alter any transaction in the previous block
“Body content” validated list of transactions, their amounts, the addresses of the parties involved.
Advantages of using Blockchain
Blockchain technology eliminates midpoint technical issues, midpoint service charges.
It reduces documentation and increases operational efficiency.
Few important benefits are cost reduction, risk mitigation, speed, traceability, and security.