Blockchain technology has spread its wings to many applications since its arrival in 2009. The transactional records are “blocks” and they are linked together by using a unique hash function. A new block is built upon the existing block, therefore a “chain” of blocks are made and hence the name blockchain. Many old technologies can be renovated using blockchain as well as it can also be used as a basement for many new upcoming projects. Thus the blockchain technology acts as a building block that connects past, present and future!
A distributed network validates all these transactional blocks and therefore all the changes made in this chain will be crystal clear to all the nodes/systems within this network. This property makes the blockchain highly secure among much of the available systems. Any transaction needs to be validated from all the nodes and a failure in this paves way for transactional error. And the validating nodes must be of numbers more than the half of node ratio. The blockchain creates a public ledger which cannot be created with the help of a centralized standard systems
Speaking about its application, the digital money which is nothing but cryptocurrency can be created using blockchain slot. For example, in the case of bitcoin, a new block is created in its blockchain in every ten minutes. Various phases of cryptocurrencies like cryptocurrency trading, investments and exchange platforms can be processed successfully using blockchain. The blockchain is extending its applications to many fields like financial sectors like banks, electronic voting system etc.