Following are the key points described later in this article:
BlockChain is a technology phenomenon which got started as a result of BitCoin system. You could access information about current bitcoin transactions on BlockChain.info website. BlockChain technology is at the heart of BitCoin Systems. Simply speaking, it is about a chain of blocks which is maintained in decentralized manner by one or more system (miners) in a distributed peer-to-peer network. Each block in this chain consists of a set of transactions. These transactions are related to an entity exchanging a unit of value with another entity. Following diagram could help you understand better:
BlockChain
If any problem that has following as key components, BlockChain technology can be explored to solve the problem:
Lets take a look at some of the very simplistic examples such as following, from non-financial, non-banking world:
Following are four key aspects of BlockChain technology:
Stay tuned as I am going to do lot of research in BlockChain technology in time to come and write about this.
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