Blockchain is a distributed, decentralized ledger of transactions that are recorded and stored in an immutable and encrypted manner within blocks (records). The distributed ledger technology (DLT) of the blockchain shot into fame as the underlying infrastructure powering cryptocurrencies.
The database technology employed in a blockchain ensures that all transactions taking place within the network are recorded in a tamper-proof and cryptographically secure manner, and all nodes within the network are updated about changes made to the blocks of data. Blockchain technology’s superior benefits make it widely used in financial applications such as cryptocurrencies. In addition, it also offers significant potential for transforming other industries where trust is essential, such as healthcare and cybersecurity.