Concepts and Applications of Blockchain Technology

Blockchain means block which contains the information. This technology is used for high security purpose, which believes to be the next revolution of the internet. Blockchain can be thought of as an overarching concept that includes many different technologies and applications. The banking sectors have been announced to use this technology by 2030. Blockchain stores information across the network in personal computers making them not just decentralized but distributed. This means no central company; each and everyone can build ones own system, which helps to use it. This is important, because it makes difficult for anyone to take down the network or corrupt it. The peoples who are running the system use their computers to hold the bundle of records submitted by others known as blocks, in a chronological chain. A form of digital cash is called bit coin. People from all over the world help to move the digital money by validating other bit coin transaction with their personal computer. Bit coin uses the block chain by tracking records of ownership over the digital cash. So, only one person can be the owner at a time and the cash cannot be spent twice, like counterfeit money in physical world. But bit coin is just a beginning for block chain in future. Block chain is used in many fields for voting, hospitals, E-commerce, music. etc. . .