Blockchain technology is a structure that stores transactional records,
also known as the block, of the public in several databases,
known as the “chain,” in a network connected through peer-to-peer nodes.
Typically, this storage is referred to as a ‘digital ledger
Blockchain is a better, safer way to record activity and keep data fresh, while maintaining a record of its history.
The data can’t be corrupted by anyone or accidentally deleted,
and you benefit from both a historical trail of data, plus an instantly up-to-date record.
Blockchain has the potential to grow to be a bedrock of the worldwide record-keeping systems,
but was launched just 10 years ago. It was created by the unknown persons behind the online cash currency bitcoin,
under the pseudonym of Satoshi Nakamoto.
What are the problems with Blockchain?
The current architecture of the blockchain is high on energy consumption,
and also has problems with scaling. The root problem is that all transactions in
the blockchain have to be processed by basically everyone and everyone must have a copy of the global ledger.
Blockchain has been defined as a digital ledger in which transactions are recorded chronologically and publicly. …