What exactly is Blockchain technology?

We take as an example a wholesaler of fruit and vegetables. The company’s financial administration runs through a ledger. It contains everything about the purchase and sale of fruit and vegetables. If the company does business with another party, a trusted intermediary is called in to validate the transaction. For example a notary or a bank.

What Blockchain technology does is replace that trusted intermediary with a network of computers. In fact, blockchain is a public database containing the accounting of every transaction that has ever been made. A new transaction is strung as a chain on the existing transaction data blocks. Hence the name block-chain.

Because the entire network keeps a copy of the blockchain that is constantly refreshed. Fraudulent transactions are immediately detected by the system. What makes Blockchain so attractive and popular is that the technology can be used for any type of appointment or transaction.