A blockchain is nothing more than a distributed database of all the transactions a network has engaged in that have been verified. These transactions are grouped into blocks, which are usually equally spaced in time, and each block is chained to the previous one, forming a chain or records. A literal blockchain.
Where are Blockchains used?
Blockchains are used to de-centralize verified transactions across a given network - they also prevent the inclusion of invalid transactions. Unlike a traditional distributed data base - each node in the network will contain the entire chain of transactions, so there is no need to for 'central' point in the network. In theory you could destroy all but one of those records and rebuild the entire valid history and operation of the whole network from that one node.
The most famous use of a blockchain is within BitCoin - where it is used to decentralize the list of money transfers which comprise the pulses of the BitCoin network.
Benefits of Blockchain Technology
Blockchains provide certainty. As each record is independently validated and verified at least six times by a mathematically secure algorithm, there is a great deal of confidence that the final transaction is legitimate. In BitCoin this is pure money transfer, however it has applications in healthcare, wider financial services, identity, and a host of other use-cases.
Razormind builds custom blockchains for businesses for a variety of use-cases:
- Business Digital Currency
- Asset Tracking
- Employee Rewards
- Humanitarian Aid