A blockchain is an anonymous online ledger that uses data structure to simplify the way we transact.

A blockchain is, in the simplest of terms, a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. A blockchain is a growing list of records, called blocks, which are linked using cryptography. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet.

Advantages of Blockchain

1) Decentralization

Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers.

2) Secure Transactions

Once a transaction is recorded, its authenticity must be verified by the blockchain network. Thousands or even millions of computers on the blockchain rush to confirm that the details of the purchase are correct. After a computer has validated the transaction, it is added to the blockchain in the form of a block.

3) Accuracy of the Chain

Transactions on the blockchain network are approved by a network of thousands or millions of computers. This removes almost all human involvement in the verification process, resulting in less human error and a more accurate record of information.

4) Private Transactions

Many blockchain networks operate as public databases, meaning that anyone with an internet connection can view a list of the network’s transaction history. Although users can access details about transactions, they cannot access identifying information about the users making those transactions.