While facilitating Cryptocurrency was Blockchain’s original purpose, this technology can be used in unfathomable number of fields. From maintaining medicinal records to tracking financial transactions, Blockchain can be used everywhere.
Invented by an anonymous group of people called Satoshi Nakamoto in 2008, this technology uses cryptography and operates on a peer to peer network to obtain digitalised consensus. Only then the information is added to Blockchain, hence making it reliable and indelible. Just like a ledger, the information fed in the network cannot be altered but reversed, forming another block in the chain.
As of now, only 0.5% of the population currently uses this technology. However, the global blockchain market is expected to be worth $20 billion in the year 2024. Currently, several banks are experimenting with it to make their services more secure, seamless and transparent.
Watch the video to find out more about the Blockchain Technology.