The blockchain can be determined as the digital leader which is programmed not only to
record the financial transactions but also the everything virtual which carry forwards anything
of value. The blockchain database is not only in any single location, the records it keep are
truly public and feasible. No centralized information exists as for hackers to corrupt.
Blockchain has a great feature of built in robust feature due to which it cannot be controlled
by single entity and has no scope of failure. Since the bitcoin was invented in 2008, the
blockchain has been operated without single disruption. The network of blockchain can be
considered as the most transparent network. Blockchain has solved various problems of
manipulation. Blockchain is a network of nodes. Every node is a boon to blockchain. Now,
talking about the history of blockchain and the most primitive blockchain was the hash tree.
The hash tree was also known as Merkel tree and the data structure was patented by Ralph
Merkel. The main advantages of blockchain was that it never sent false data and it used to
maintain the data integrity that was to be shared. The blockchain consists of two keys which
are to be called as private and public keys. The public key represents the wallet key in the
cryptocurrency world. The private key consists of authorized transfer , withdrawal etc .This
is the reason that people are advised to keep their private keys safe which may effect the
public key and then capturing the whole system.
Why is decentralisation so important?
This is huge part why people believe in blockchain technology as the network is
decentralised. As the network is peer to peer, and copies of ledger are stored in different
locations and if it is not manged by a single track , everything can’t be considered as safe.
Above all this, there are many users and believers who believes that the technology of
blockchain is the next level or is considered to be future.