Blog 4

 What is BLOCKCHAIN?

Block chain is the technology that powers Bit coin as it was its original purpose but Block chain is capable of so much more. Despite the word is not just one Block chain. It is shorthand for a whole suite of distributed ledger technologies that can be programmed to record and track anything of value from financial transactions to medical records or even land. It might be already have process in place to track data but the special about block chain technology stands to revolutionize the way we interact with each other reason number one the way it tracks and stores data block chain stores information in batches called blocks that are linked together in a chronological fashion to form a continuous line metaphorically a chain of blocks if anyone make a change to the information recorded in a particular block, don't rewrite it instead the change is stored in a new block showing that X changed to Y at a particular date and time. 

Block chain is based on the centuries-old method of the general financial ledger. It's a non destructive way to track data changes. Block chain technology uses the ledger method there is an entry in the ledger. Ledger method originally a book then a database files stored on a single system block chain was designed to be decentralized and distributed across a large network of

computers this decentralizing of information reduces the ability for data tampering and brings us to the second factor that makes block chain unique it creates trust in the data before a block can be added to the chain a few things have to happen first a cryptographic puzzle must be solved thus creating the block the computer that solves the puzzle shares the solution to all of the other computers on the network this is called proof of work. 

Block chain technology is such a game-changer in which no more intermediaries currently when doing business with one another we don't show the other person our financial or business records instead we rely on trusted intermediaries such as a bank or lawyer to view our records and keep that information confidential.