Blockchain Revolution: Part One
Blockchain Revolution: Part One

Understanding blockchain and its application

Blockchain is an exhaustive topic and therefore we have decided to run a cycle of articles under this series named ‘Blockchain Revolution’. From understanding the concept to building your own ERC20 token, we will be covering most critical and functional aspects of blockchain technology. Our aim is to help our readers understand the concept of blockchain and its application across sectors, build simple blockchain applications, and understand smart contracts and how they are powered. This is the first post of the series that introduces blockchain and its applications.

What comes to your mind when you hear the word blockchain? — Bitcoin? Wrong, it’s a misconception that blockchain is bitcoin. Bitcoin is cryptocurrency that is built on the blockchain technology.

Blockchain is one of the most talked about subject right now. While the integration of this technology is in its nascent stage, industry leaders believe that blockchain is set to transform the economic and social system in years to come. The global blockchain technology market which is at over $500 million now, is predicted to grow to $2.3 billion by 2021. Let’s break it down and understand what is blockchain technology, how it works and its application across sectors.

What is blockchain

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

Don & Alex Tapscott, authors Blockchain Revolution (2016). To put it simply, blockchain is a distributed ledger which anyone, anywhere can access over the internet. As the name indicates, blockchain is a sequential chain of records called blocks.

Let’s understand what a block is. It is just a record of any data. Each block contains mainly three elements — data, hash of the block and hash of the previous block.
['Abhishek Sengar']
['Blockchain', 'Disruption', 'Technology', 'Bitcoin', 'Revolution']