An introduction to blockchain

The technology industry first started paying attention to blockchain when Bitcoin was launched as the two are integrally linked. Bitcoins are rewarded to those that help create and maintain the blockchain that records the transactions when Bitcoins are bought and sold. 

Many computers around the world hold a copy of the blockchain which is how it is able to remain accurate. Furthermore, the whole system is secured by military grade cryptography. The dispersed structure ensures that there is no single point of failure which means it is almost impossible to hack the network, forge transactions or freeze them for legal purposes. Each new block in the chain is created with a copy of the previous block attached, meaning that in every case a past record is included in the next version of the blockchain.

Blockchain technology is generating excitement across a number of industries because it is able to help solve complex issues, particularly those where transactions take place globally and there is a need for transparency.