(October 2024) Blockchain theory, its future, uses, pros and cons.
What is blockchain and its features? It is a decentralized digital ledger that records and stores the data with security in a network of computers. Data is recorded and stored in a way that remains secure, transparent, immutable, and resistant to tampering. Data is recorded in blocks, and each block has the data. Further blocks are linked in a chain and any new block will be added at the front of the chain. Data is stored in blocks which are chained together by cryptography techniques. Therefore it is called a blockchain. It is a digital record-keeping technology. Each computer in the blockchain network has a copy of the ledger, where all transactions are recorded, validated, and updated simultaneously. This prevents a single point of failure, which generally happens in a centralized data recording system like a bank server, etc. Each node or computer device in a blockchain network is identical and all the records of the entire transactions in the network are available at each n