Blockchain technology, that had humble beginning as a concept in computer science, is now a vital element of cryptocurrencies. A Blockchain serves as “an open and distributed ledger that can record transactions between two parties in a verifiable and permanent way.” it is shared among all the users in the network. It hereby brings in transparency and trust into the system.
As a ‘current’ element of a Blockchain, a block records some or all of the recent transactions and on completion goes on to become a permanent database. Whenever a block gets finished, a new block is generated.
To understand how the blockchain work, let’s recall a few key features:
o Blockchain keeps a record of all data exchanges
o It utilizes a distributed system to verify each transaction
o a digitally signed and verified new transaction cannot be altered
To begin with, a set of cryptographic keys assigns a unique identity to the user. The combination of a private and a public key gives the user a digital signature.
Every time a transaction occurs, that transaction is signed by whoever is authorizing it and is then broadcasted to a peer-to-peer network of nodes — basically other digital entities that acknowledge the transaction and adds it to the ledger. Each transaction in that ledger has the same data: a digital signature, a public key, a timestamp, and a unique ID.
In the system of records, blockchain technology is a revolution. It ensures a secure way to manage identity in the digital world removing the need to use vulnerable personal data. Blockchain technology is more about managing a system of record and is less about maintaining a database. The components of blockchain technology are also attracting governments attention. It also has important implications in finance and healthcare system as well. Thus it is changing the digital relationship scenario.
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