You may have heard the word ‘blockchain’ but what does 'blockchain' really mean? This word was born with the introduction of Bitcoin over more than a decade ago. Then, it was the preferred technology for carrying out peer-to-peer dealings in this electronic cash in a decentralized and secure manner. Today, this is an innovative technology being considered in various fields. Simply put, blockchain is a chain of blocks. The block, here, means digital information of transactions made by any person. Chain, here, means a public database. How it works and why should we care? When you purchase something, the blocks store information; the date, time, amount and the parties involved in the transaction. Here, your actual name is not recorded, instead, a unique ‘digital signature’, like a username, is used. Each block stores information, that is different from other blocks, distinguished by a unique code called a ‘hash’. The details of this transaction are, then ver...
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