Blockchain is a decentralized distributed database of immutable records, where transactions are protected by strong cryptographic algorithms and the network status is maintained by the Consensus algorithm.
In simple words, Blockchain is a chain of blocks that contains information.
Blockchain is the algorithm for Distributed Ledger Technology (DLT ). The concept of DLT and Blockchain can be used in various applications different from the cryptocurrency network. Such industries where Blockchain can be applied include Real estate, logistics, Banking, and Financial Sector, Fintechs, elections, and surveys. The list is endless and expands daily.
As a matter of fact, the governments of many countries and certain top Banks have already introduced Blockchain technology to many of their conventional transactions. The applications and future potential of the blockchain framework are massive and widely considered to be implementing changes in the mode of transactions in various sectors.
The Blockchain technology only attained its full potential and became realistic when it was used in creating the digital cryptocurrency “Bitcoin” by Satoshi Nakamoto.