What is blockchain technology?
Also referred to as Distributed Ledger Technology (DLT), blockchain is a system which helps in recording information. The information is recorded in such a way that it makes it difficult for anyone to hack or cheat the system. The technology makes the system transparent and unchangeable.
The system is basically a digital ledger of transactions that is distributed with the entire network of computer systems and servers on the blockchain. Every block in the chain contains information of transactions made and every new transaction’s information is added to each participant’s ledger. In this way, the database is managed by multiple participants and is decentralised (there is no central agency managing the system). The system uses an immutable cryptographic signature called a hash to record every transaction and helps in linking every new block created to the previous block.