Understanding Blockchain technology.

It's not surprising to find people around us familiar with the term blockchain technology yet not knowing what the term actually means. It's mostly associated with bitcoin but it's a lot more than that. The concept of blockchain technology was discovered in 1991 way before bitcoin was created in 2009 by Satoshi. Satoshi made blockchain technology sounding when he came to apply it in starting bitcoin, the largest cryptocurrency coin today.

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Blockchain technology can be described in simple terms as a system of storing data in a series of blocks. These blocks are linked together to form a chain of blocks to keep track of records of information which carry value in a specific network. This information stretches from transactions to details of entities involved as long as it's jointly agreed upon in a particular network and this is where the decentralisation part comes in. Blockchain technology is decentralised in a way that everyone in the network is key in managing how the data is handled. Information is distributed to all entities to keep track of what's going on in the network. And incase of any new information, all the entities have to agree upon it's validity in a system called peer to peer network before it's added to the blockchain.

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Creating new information is like creating a new block in the chain of the already existing blocks. This new block can only follow the chain without replacing any of the available blocks which means for each new block, there is a record of it's time and date. This is how the network is made secure and can not be tempered with. And on top of the security the technology provides, there are less costs and less time incurred in accessing records as no intermediary is required in accessing specific information.