What is blockchain technology? is perhaps the most buzzing question in tech right now. A blockchain as the name suggests is a chain of blocks. Each block contains some information; a blockhain can store complete information about a financial transaction, a contract or a medical record.
Important property of blockchain is that the data stored in it cannot be modified, backdated or tempered by any means. You can think of blockchain as a real-life notary. This technology is the backbone of cryptocurrencies such as Bitcoin. But its usage is not limited to cryptocurrencies and it is rapidly growing in other areas.
How does it work?
Each block in the blockchain stores three things: