Blockchain & How it is Different from traditional Technologies?
(By Shivkumar)
What is Blockchain?
Blockchain shared, distributed ledger that facilitates the process of recording transactions and tracking assets in a business network.
An asset can be tangible — a house, a car, cash, land — or intangible like intellectual property, such as patents, copyrights, or branding.
Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Why is Blockchain Essential?
Blockchain is essential because it allows us to own digital goods, assets, and data.
How is Blockchain different from traditional technologies?
The problems of trust. You don’t need to trust the admin/owners to trust the data.
Disintermediation. You don’t need a mediator centralised admin or a trusted party to verify transactions.
Confidentiality. The blockchain is an open distributed ledger yet a private system due to encryption.
Availability. Highly available due to decentralization.
Verifiable and Auditability. Any record of transaction can be verified by anyone.
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