In recent times everybody has been talking about blockchain technology. This technology has been in existence over the past few years and it is getting more popular as time goes by. This is because some popular cryptocurrencies like Bitcoin and Ethereum are built on the blockchain. In this article, I'm going to explain what is blockchain technology and why it is important to build on Blockchain.

What Is Blockchain

A Blockchain is a system that assembles and stores structured information and distributes it across the entire network of computer systems connected through peer-to-peer nodes. This assembling of structured information is known as - Digital Ledger. For a transaction to be carried out on the digital ledger, it has to be authorized by the digital signature of the owner, and a record of that transaction is distributed to every participant's ledger on that chain. The process of managing these decentralized databases by multiple participants or computers is known as - Distributed Ledger Technology (DTL). In simple terms DTL is just like sharing your workspace with different people or different computers without giving editors access, this means they can view the file but can't change anything on it. This shows that though other participants can view your transactions on the Blockchain they can't interfere with the transaction which means your transaction is safe on the Blockchain.

Why Blockchain

In recent times a lot of people have been talking about Blockchain, and you might be asking yourself why Blockchain, what's the fuss about? Why should I build on the Blockchain? What makes it different from the regular banking system? What is so special about Blockchain?

In this article, I'm going to give you a few reasons why Blockchain is the real deal, why you should be interested in the blockchain technology

1. Decentralized Database System

• One major advantage of the blockchain is its decentralized data system. This means each transaction is done with the joint consent of participants connected to that block, this results in safer and faster transactions.

2. Extremely Secured

• From the explanation of the term blockchain technology we already know that one of the major advantages of this system is its high security. Information on the blockchain is stored across a network of computers, which makes it nearly impossible to hack. Blockchain builds an incorruptible record of transactions with peer-to-peer encryption, thereby unauthorized activities cannot be carried out.

3. Stability

• All transactions on the blockchain are permanent, once they are recorded on the blockchain they can’t be changed or removed. This is very helpful when carrying out an audit, the data gotten are 100% valid.