Imagine, that you had a notebook in which you wrote every single word your friends said to you. Every time someone made a funny comment, or paid for your lunch, you felt the obligation to write a note. Now, every other person has a copy of this notebook, and even if a single person out of your friends writes a note in their notebook, the remaining friends would update their own notebook. This is, in its simplest form, what blockchain technology is. So, Blockchain is basically the digital notebook in which transactions made in bitcoin or any other cryptocurrency are recorded. It is duplicated and distributed across the network of computer systems.
Each block contains a specified number of transactions, and each time a new transaction takes place, a record of that transaction is added to the ledger of every participant. Being a decentralised system, it assures that no single entity can have full control over the entire database. So, it is quite safe and transparent.
Imagine playing digital Monopoly. Each time one of your friends bought more properties or had to pay more rent, the game board was updated with the new information. Similarly, every transaction is a bit like a move in Monopoly and a ledger is like a game board.
Every transaction is verified by network participants to assure its authenticity before it is added to the ledger. But Blockchain is more than that, it has many applications. For example, in supply chain management, it makes easy to know the journey of that product from manufacturer to consumer, thus improving transparency and reducing frauds. For suppose, you buy a diamond and are able to trace its entire journey from the mine to the jewellery store, that's the power of blockchain. In health care specifically, blockchain technology is used to store records of patients in a way that is safe yet still accessible to those who are legally given the access. It is making the process easy and effective, with a real-time medical history of the patient. The first time I ever heard of blockchain, it sounded like a science fiction plot. Yet at the same time, it appeared to be something far from some buzzword, it is something extremely vivid and a revolutionary in terms of trust and transparency. "Blockchain is the underlying technology that underpins trust in a trustless world.” I remember that quotation because it captures exactly what blockchain is. The blockchain, in many ways, will change the way we deal with money or the way we verify our identities and will keep our information secure. It's just like the internet back in the 90s, full of potential, waiting for more people to understand its greatness. Hence, Blockchain technology is simply amazing and only by getting in with the basics and trying to think of its applications will we be able to understand the unlimited possibilities of blockchain.
Author - Smriti Aggarwal
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