In recent times, blockchain technology redefined the Internet and led to the emergence of a new type of internet where digital information is distributed without copying.
The technology was conceived and devised primarily for cryptocurrencies, digital currencies like the Bitcoin.
In contemporary times, bit-coin is referred to as the digital gold and the total value of this currency is close to about 9 billion US dollars.
Blockchain technology can make other types of digital values. The functioning of the technology is encapsulated and therefore the user can use it without having to know it in detail.
However, it is always recommended to have a basic notion of the technology in context before using it as this adequately simplifies the use.
The functioning of the technology is pretty much encapsulated implying that there is no need to know about the working of the blockchain technology in detail, a fundamental idea about the working of the technology is more than sufficient for individuals using it.
In simpler terms, this technology can be defined as a digital ledger of commercial transactions which is incorruptible and can be programmed to record not just the financial transactions but anything which has the value associated with it.
Information stored as part of the technology in context is quite similar to the same in a spreadsheet or any distributed database. Just as a spreadsheet containing values can be regularly updated, the blockchain too can be updated from time to time.
The records stored using the blockchain technology are not kept in a private location, instead, such data source are kept in public domain so that they can be verified on a timely basis.
Using such a technology, the information is not held by any centralized servers instead they are stored in several database servers across millions of workstations, computers that are connected to the internet. It is because of this that the blockchain data cannot be hacked or corrupted.
Since in this technology the blocks of information can be assessed across more than one point in the network therefore it cannot be controlled by a single entity.
Since there are multiple copies of blockchain information available across networks therefore such technologies do not have a single point of failure.
Other facets of this technology are that it is transparent, incorruptible, very much decentralized because the information related to the technology in context is stored in several host machines across the network and all these factors contribute to making the blockchain network highly secure.