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The blockchain technology is the advanced database for writing and storing data. The sequential addition of blocks and the inability to change any of elements of the chain make blockchain the most transparent and the most secure technology in the world.
The simplest and most general definition of blockchain is the database. It consists of a huge information chain, many users participate simultaneously in its creation. The devices that store information do not have a “command center”, a server that could be hacked. All operations and data on these operations are recorded simultaneously and sequentially.
No process coordinators and the use of special recording algorithms makes it impossible to change or delete information.
Records are on all users’ devices at once, duplicating and confirming the reliability of each other.
The registry is fully available for viewing, as all transactions are contained in the information blocks and transmitted in encrypted form to each blokchain user. Thus, any operation is both a guarantee and a confirmation of itself.
In fact, blockchain is a huge electronic system, allowing safely transmit a wide variety of data: currency, licenses, etc.
It's only been a few years, as the world learned about blokchain, but the technology is not a “young” development any more, serious institutions are now interested in this method of storage: banks, medical centers, government agencies.
For example, the Georgian cadastral system is blockchain-based since last year, recording information about transactions with real estate.
Blockchain is the same tool as the Internet, according to Financial Times columnist Sally Davies. It can find quite a lot of uses. The most popular and famous is cryptocurrency, for example, bitcoin. Thanks to the blockchain, operations with it are possible without intermediaries. Bitcoin is considered the world's first cryptocurrency and this is why it is so popular: according to the University of Cambridge research, the total number of users in the world is 11 million people.