Introduction to blockchain – What is it and how it’s growing?

Posted By Praveen Joshi

February 16th, 2017

Forget bitcoin, follow blockchain says Forbes magazine. But despite being introduced alongside bitcoin in 2008 by Satoshi Nakamoto, blockchain technologies have received comparatively little attention outside of the tech realm. Yet it continues to be one of the most disruptive technologies today. Blockchain essentially refers to an ever-growing list of records or blocks, which are secured and linked via cryptography. It is an open, distributed and public transaction ledger that records events in a permanent manner that can be verified at any point of time.

Introduction to blockchain - What is it and how it's growing?

Forget bitcoin, follow blockchain says Forbes magazine. But despite being introduced alongside bitcoin in 2008 by Satoshi Nakamoto, blockchain technologies have received comparatively little attention outside of the tech realm. Yet it continues to be one of the most disruptive technologies today. Blockchain essentially refers to an ever-growing list of records or blocks, which are secured and linked via cryptography. It is an open, distributed and public transaction ledger that records events in a permanent manner that can be verified at any point of time.

To understand why blockchain is so influential and to know more about its future, we must first look at how it works.

How blockchain works

Blockchain is the method used to trade digital assets. It is most often associated with cryptocurrency, but it can be used to trade other property or sign contracts. Blockchain depends on two variables – public and private keys.

A public key is used by an individual to receive or send the asset in a trade. This key can be given to anyone. But it cannot be used to access your assets. This is the function of the private key, which should be kept safe.

 

Forget bitcoin, follow blockchain says Forbes magazine. But despite being introduced alongside bitcoin in 2008 by Satoshi Nakamoto, blockchain technologies have received comparatively little attention outside of the tech realm. Yet it continues to be one of the most disruptive technologies today. Blockchain essentially refers to an ever-growing list of records or blocks, which are secured and linked via cryptography. It is an open, distributed and public transaction ledger that records events in a permanent manner that can be verified at any point of time.

To understand why blockchain is so influential and to know more about its future, we must first look at how it works.

How blockchain works

Blockchain is the method used to trade digital assets. It is most often associated with cryptocurrency, but it can be used to trade other property or sign contracts. Blockchain depends on two variables – public and private keys.

A public key is used by an individual to receive or send the asset in a trade. This key can be given to anyone. But it cannot be used to access your assets. This is the function of the private key, which should be kept safe.

Praveen Joshi

Praveen is a seasoned IT Solutions Leader and Director at RSK Business Solutions, a technology-driven IT Consulting Company that specializes in Bespoke Software Development, Agile Consulting, Mobile App Development, Smart Sourcing, and much more. For the last 17 years, he has been delivering quality custom IT solutions that help businesses achieve their goals.

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