Blockchain is a registry of decentralized data exchanged through secure channels. Blockchain technology allows a group of selected participants to exchange data. Cloud-based blockchain services make it possible to easily collect, integrate and exchange transaction data from multiple sources. Data is broken down into common blocks that are linked together through unique identifiers that take the form of cryptographic hash functions.
Blockchain ensures data integrity with a single source of reliable information, eliminating data duplication and increasing data security.
In a blockchain system, fraud and data manipulation are impossible because data can only be changed with the permission of a quorum of the parties. The blockchain registry can be shared, but it cannot be changed. If someone tries to change the data, all participants will be notified and will know who it was.
Each block is a specific numeric code (not just numeric), and any subsequent block contains information from the previous block. Thus, it should be considered not only a database, but also a way of encrypting and transmitting data.
Around the world, this technology is actively used to transfer cryptocurrencies. If you send a cryptocurrency over a blockchain, thousands of computers around the world will confirm and store all information about the transfer.
The process of sending a transfer takes minutes. Blockchain money cannot be lost or tampered with. There are no third parties or intermediaries, and the accuracy of calculations is guaranteed by the mathematical accuracy of the technology.
Blockchain can be used not only for cryptocurrency transfers. It is used in the banking industry, cybersecurity, and identity verification. Basically, it is just a technology for organizing all kinds of data.