Blockchain and what makes it so important?

A blockchain simply means a digital ever-growing list of data records. It contains comprised blocks of data. It is organized in chronological order which is linked and secured by cryptographic proofs.

Imagine a world where you can send money directly to someone without the involvement of a bank in seconds instead of days, and you also don’t need to pay an excessive fee from a bank or let’s say where you store money in an online wallet not tied with a bank, means you are having your own bank and have complete control over your amount or money. You don’t need any request from a bank to access or move it, and you don’t need to worry about a third party taking it away or also an economic policy of governments manipulating it.

But Blockchain technology is still curious or even frightening topic. Some even remain doubtful that we will use this technology in the upcoming future. This misbelief which exists today is understandable since we are still very fast in the development along with widespread acquiring of blockchain technology.

As in present context still there is a mysterious or even an unknown topic and some still remain doubtful whether we will be using this technology in the future or not. In this modern era that is 2021 is to blockchain where late 1990s were to the internet. As like the internet, blockchain technology is everything in present context.

There are mainly four types of blockchain Public Blockchains which are open and decentralized networks of the computer that are accessible to anyone, Private Blockchains which are not open and have access restrictions, Hybrid Blockchains or consortiums which is the combination of public and private blockchains that contain centralized and decentralized features, Finally Sidechains which can run parallel to the main chain and allows digital assets between two different blockchains which improves efficiency.

To sum up, the blockchain is an immutable time-stamped record of data that is distributed and managed by a cluster of computers and an open blockchain network has no central authority Since it is a shared and immutable ledger, the information in it is open for anyone, and everyone to see. The three main pillars of blockchain technology are decentralization, Transparency, and Immutability. So It is Initially, used for Bitcoin and other cryptocurrencies blockchain that has found use cases in various industries including finance, health, and real estate.