Blockchain in the simplest terms is a centralized ledger of all transactions across a peer to peer network. Participants on blockchain can confirm the transactions without a central certifying authority. Blockchain technology is like the internet in that it has built-in robustness. By storing blocks of information that are identical across its network, blockchain cannot be controlled by any single entity and has no single point of failure. Scientists and technologists alike are discussing how blockchain can innovate already existing fields like fintech, banks, cybersecurity, retail business, supply-chain and even medicinal services.
Blockchain was developed to facilitate first digital money – Bitcoin (which at this point, is known by almost everyone). Blockchain stores an open record of all the Bitcoin transactions, which keeps on growing exponentially. Blockchain is the fundamental innovation behind all digital forms of money like Bitcoin.
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