What is Blockchain Technology?

The blockchain is a block chain which has a growing list of records. By its design, the blockchain is a decentralized technology. It is an incorruptible digital ledger of economic transactions which is programmed to record the financial transaction and virtually everything of value. This technology is creating a backbone for a new type of Internet and it allows easy distribution of blockchain technology. However, copying this digital information is strictly prohibited.

Originally devised for the digital currency- Bitcoin the technical communities are now using blockchain technology as a common date layer. This is something which enables a new application. A global network of computers uses blockchain technology to jointly manage database which records Bitcoin transaction.

The blockchain is a shared public ledger onto which the entire Bitcoin network relies upon. It allows Bitcoin wallet to calculate their spendable balance. Now the data and process adopted by the business can be shared across the various organization which eliminate the risk of fraud and waste. It creates a new revenue stream for companies.