Blockchain is an existing database that is distributed across several computers all at the same time. When new data, which are known as blocks, are added onto it, it continues growing. The new blocks are assigned a timestamp and are linked to the previously added blocks, hence creating a chain. Any group or individual does not control the existing database, but it is in such a way that everyone who has network access can get a copy of the database. The old blocks that are already in the database are preserved forever, therefore when the new sets of data are added to the ledger, the action is irreversible, making it impossible to manipulate the information.
The use of blockchain technology eliminates the middleman. This is because the data is usually never saved in one place; hence it is secure. Therefore, every user is abreast of the developments across the chain. Blockchain can also be used for every use-case, for example, they can be private, public, permission access, or a combination of any of those. It is every use-case makes it so versatile that it can be used in different applications. Due to its ever-increasing growth and popularity, governments have also turned to blockchain use for transparency. An example is Estonia, where they have adopted this technology in various governance services to bring efficiency and ease to doing business.
Coindesk is a platform that was created to help investors explore the various ways blockchain and its extension cryptocurrencies contribute towards the global financial evolution. Its website contains information about markets, the usage of cryptocurrency around the world, and the regulation of the use of technology. The use of blockchain technology has revolutionized almost every aspect of our lives. An example of its use is in the decentralized cryptocurrencies such as bitcoins and Litecoin. They are used to make transactions anywhere in the world. Another example is that it can be used in the insurance sector in processing claims. The technology provides a perfect system for transparency and management that is risk-free hence increasing efficiency.
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