The blockchain technology is a decentralized record that tracks exchanges that happens over a distributed network. This technology permits participants from across the network to confirm their exchange without the requirement for a central authority, this incorporates cash exchanges, voting, and settling trades and some more.
It’s an open, distributed database. The data is distributed (i.e. duplicated) across numerous PCs, and the entire blockchain is completely decentralized.
Since the entire blockchain is copied across numerous PCs, any client can see the whole blockchain. Exchanges or records are handled not by one central administrator, but by a network of users who work to confirm the data and accomplish an agreement.
The way that blockchain is a decentralized method of storing and accessing data makes the entire system unbelievably secure – because, unlike a centralised database, there’s no one single point of entry for hackers. This makes it especially valuable for recording exchanges in a safe way.
Since the arrangement of record is decentralized and reproduced completely in various spots, there’s no requirement for a central administrator and all the expenses and infrastructure that accompanies it.
Blockchain is a superior, more secure approach to record activity and keep information and data fresh, while keeping up a record of its history. The data can’t be corrupted by anyone or accidentally deleted