why the whole noise about blockchain?
Everyone who works or previously worked at finance institutions knows that 'accountant' or 'boss' who kept on adjusting dates and amount of certain transactions, or diverted huge sum of money from the company into their personal account ... sounds familiar right?
Issues like this was what led two(2) researchers (Stuart Haber & Scott Stornette) in 1991 to work on a research project that would create a system where timestamp of documents, payment ledger cannot be tampered with which led to the discovery of blockchain!
Now, what is Blockchain?
Blockchain is a list of record called blocks that stores
data publicly and in chronological order. The information is encrypted using cryptography to ensure that the privacy of the user is not compromised and data cannot be altered. These Blocks have storage capacities and when filled are closed and linked to the previously filled block, forming a chain of data known as the blockchain.
You should know that this information(data) stored can not be edited which means it is irreversible and it is accessible for everyone who is part of the blockchain network to see.
Another interesting fact about blockchain is that it is decentralized what this means is that, these data is stored in thousands of devices across various locations, which prevents any attempt at altering the data if it was kept in a central location and was controlled by specific people only.
It was on the foundation of blockchain that bitcoin was built!
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