About Blockchain Technology

• Blockchain started in 1991 as a way to store and secure digital data. Blockchain is an open ledger that several parties can access at once.
• 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 (i.e. duplicated) across many computers, and the whole Blockchain is entirely decentralized. This means no one person or entity (say, a government or corporation) has control over the Blockchain; this is a radical departure from the centralized databases that are controlled and administered by businesses and other entities.

How does it work?

• In very simple terms, the file is comprised of blocks of data, with each block being connected to the previous block, forming a chain. Hence the name ‘Blockchain’. As well as the data itself, each block also contains a record of when that block was created or edited, which makes it very useful for maintaining a detailed system of records that cannot be corrupted or lost.
• Because the whole Blockchain is duplicated across many computers, any user can view the entire Blockchain. Transactions or records are processed not by one central administrator, but by a network of users who work to verify the data and achieve a consensus.