Block Chain Technology - A Tool Of Digital Transformation

"Artificial intelligence, machine learning, Internet of Things, blockchain and big data hold potential to take India to new heights" -PM Sri Narendra Modi at the 2016 World Economic Forum (On launch of "IndiaChain" by NITI Aayog)

- Ranjit Kumar

Introduction

Block Chain technology is a structure that stores transactional records. It is also known as the block of the public in several databases. This database is known as the Chain in a network that is connected through peer-to-peer nodes. Typically, this storage is referred to as a 'Digital Ledger' because the Blockchain is a distributed database of records of all transactions or digital events that is executed and shared among participating parties. These transactions are verified by majority of participants present in the system.

Over the last few years, we have heard many times the term 'Block Chain Technology'. It is imperative to understand that what Block Chain technology is, how it works and how it's becoming vital in the digital world. Basically it is treated as the backbone technology of CryptoCurrency like BitCoin. It seems like Block Chain is a platitude but in a hypothetical sense, there is no real meaning that the layman can understand easily. So let us understand that what actually Block Chain technology is and how it works through definition and examples.