by digitalseriesBLOCKCHAIN – Building Blocks of Technology | digitalseries Agency
In accounting we use ledger for recording transaction but what about digital world! Is there anything to record the transaction in the digital world?
The answer is yes, Blockchain is the thing. The blockchain is a digital ledger in which transaction made in bitcoin or any other Digital currency are recorded in a chronological order. Blockchain consist of various blocks. A block is the current part of blockchain that records recent transactions. This technology allows the information to be distributed digitally but doesn’t allow it to get copied.
Let’s understand it in a simple way: Imagine a spreadsheet that is copied multiple times across a network of computers. Then imagine that these networks are made to regularly update this sheet. From this, you can get a basic idea of blockchain.
Every participant can keep an eye on the transaction without any central recordkeeping. The information is continuously being stored at various locations and is updated instantly. Since there is no central recordkeeping it is impossible to hack or make any changes in information as it is existing in thousands of places. Any unwanted or forceful change in the existing block of blockchain will hamper its hash which can be detected i.e. Any information in all previous blocks can’t be changed.
This technology came into existence in 2008 but came into use after Bitcoin launched. The blockchain was introduced to store all the transactions without it being deleted. The use of cryptography is made to keep the information secure and safe. However, the growing use of the blockchain can be a problem in future, creating issues of storage and synchronization.
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