Even though it is called a new tech, the origins of blockchain date back to 1991 when the Journal of Cryptography' published 'How To Time-Stamp A Digital Document'.

In 2009, Satoshi Nakamoto published a white paper describing Bitcoin and devised the first database based on blockchain principles. However, since then, it has evolved into something more significant with the increasing popularity of Bitcoin and other digital currencies.

A Blockchain is a data store that grows continuously- a chain of blocks or a group of transactions distributed among multiple users.
It contains records of transactions that have occurred within a specific timeframe. Each of the entries is immutable; it cannot be edited or deleted after getting into the database.

These transactions also don't depend on any authoritative entity to validate the data's authenticity and integrity. Blockchains typically record financial transactions, but it is possible to store information related to anything.

Digital transactions and records can be easily duplicated. it is therefore vital to have a common digital history. Blockchain solves this issue without the need for any intermediary.

Blockchain, sometimes called Decentralized Ledger Technology (DLT), makes the history of any digital asset transparent and unchangeable, allowing strangers to reach a consensus on a common digital history. view blockchain Tokenview

The blockchain concept is not as new as its name implies; its origins can be traced back to 1991 when the 'Journal of Cryptography' published 'How To Time-Stamp A Digital Document'. In 2009, the first database based on blockchain principles was devised by Satoshi Nakamoto with the publication of a white paper describing Bitcoin. Since then, blockchain technology has evolved significantly alongside the increasing popularity of Bitcoin and other digital currencies.

Blockchain is essentially a continuous data store in the form of a chain of blocks or a group of transactions distributed among multiple users. It maintains immutable records of transactions occurring within specific timeframes, rendering entries uneditable and undeletable once they are part of the database. These transactions do not rely on any authoritative entity to validate their authenticity and integrity. While blockchain typically records financial transactions, it can store information related to any subject.

Given that digital transactions and records can be easily duplicated, having a common digital history is crucial. Blockchain effectively addresses this issue without the need for intermediaries. Also known as Decentralized Ledger Technology (DLT), blockchain creates a transparent and unchangeable history for any digital asset, enabling consensus among strangers on a shared digital history.

To better understand the principles of blockchain technology, consider the analogy of a Google Doc. When you create a document and share it, there is no transfer or copy; rather, it is distributed. This process illustrates a decentralized distribution chain that grants simultaneous access to the data to multiple users. With real-time recording of all modifications, transparency is maintained without any user being restricted from making changes while waiting for input from others. Although blockchain is much more complex than Google Docs, this analogy aids in comprehending the fundamental concepts of the technology.

Blockchain technology is a groundbreaking and highly promising innovation that fosters transparency, eliminates fraud, and reduces risk on a scalable level. By preserving the integrity of documents through a transparent ledger, it cultivates trust in assets. The inherent security protocols and decentralized nature make it a preferred technology across various sectors.