While blockchain is a widely discussed and accepted concept, there is hardly a direct and simplified definition of its fundamentals and applications. So what is blockchain?
UNDERSTANDING THE BASICS:
To put it simply, blockchain is just a modified database. While database stores all data collectively, blockchain segregates it into “blocks” that are then “chained” together. Each block has a specific capacity and when it is filled, another block is created and the two are linked together. This goes on for as long as there is data input, ensuring that all the data is systematically stored. Not just that, as soon as a block fills up, it imprints an exact timestamp in the system, thus making it incorruptible. Blockchain isn’t a modern concept, either. It was first conceptualized in 1982 by cryptographer David Chaum, who first introduced a blockchain-like protocol in his dissertation, “Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups.
PRIMARY APPLICATIONS:
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