It’s about time that we put our money and faith in a mathematical framework that is free of politics and human error, yes, we are here to discuss about the recent phenomenon “Blockchain”. Blockchain sometimes referred to as Distributed Ledger Technology (DLT), makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing.
To understand the term blockchain better let’s take an example of a Google Doc in which we create a document and share it with a group of people, the document is distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the document at the same time. No one is locked out awaiting changes from another party, while all modifications to the doc are being recorded in real-time, making changes completely transparent.
In the world where everyone has an eye for your money blockchain is an especially promising and revolutionary technology since it helps reduce risk, stamps out fraud and brings transparency in a scalable way for myriad uses.