“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” – Don & Alex Tapscott, authors Blockchain Revolution (2016).
What is blockchain technology?
Its a peer to peer distributed & completely decentralized digital ledger for storing transactional data or any other info that is immutable. The idea behind this is to protect any sophisticated information like money transaction digitally or government informative data to prevent any kind of alteration.
People loose faith on central bank or corrupted government or system, so they can’t fully trust all of their earnings will be kept safe. The blockchain technology gained that trust over the majority of the population over the world wide.
Back in 2008 a group of people or some says that Satoshi Nakamoto invented bitcoin as a digital cryptocurrency to send money anonymously. The identity of Satoshi Nakamoto is still unknown.
Over the decade this technology gone so far beyond. You can even any kind of smart contracts without any human interactions, and it’s totally safe in that way. The idea of etherum is to make smart contracts and to reduce hazards or any spoof.
As it is completely decentralized, there is no such central server system to store and manipulate data, Hacker can’t change any data or the authority also can’t manipulate it. Because everyone has the same copy of the blockchain transaction as a proof. So if someone tries change his local node he can’t change the other distributed data. Only his local node will be denied if its not authorize to do.