What is Blockchain? Fundamentals
Nowadays, the most of transactions are conducted via the internet. As a result, technology that can ensure trust in both record-keeping and financial transactions is required. It functions as a database, storing data electronically in digital format. Blockchains are best known for their critical role in cryptocurrency systems like Bitcoin, where they keep a secure and decentralized record of transactions. With the introduction of blockchain, techies wonder why they should use blockchain for record-keeping when records can still be stored electronically in various types of available databases.
The difference between a typical database and a blockchain is:
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The structure of the data. A blockchain collects information in groups known as blocks, which hold sets of data.
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Blocks have specific storage capacities and, when full, are closed and linked to the previously filled block, forming the blockchain data chain.\
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All new information that follows a newly added block is compiled into a newly formed block, which is then added to the chain once it is complete.
Blockchain is used to secure assets such as tangible assets such as a car, houses, land, and so on, as well as intangible assets such as intellectual property, patents, copyright, and so on.