Blockchain is about the disintermediation of trust by using a shared public ledger of transactions that can be only updated by holders of tokens on that particular network. Blockchain is designed in a manner that it is very difficult to change previous transactions as everyone will notice the ledger is being tampered with and therefore any suspicious transactions will not be approved.
Blockchain is also the distributed open ledger technology that allows for the permanent storage of transactions with the Bitcoin crypto-currency.
Blockchain technology is becoming quite popular with Banks and Organizations looking for a way to decentralize storage of information away from traditional databases like the dominant SQL technology.
Every crypto-currency claiming to be decentralized must primarily be based on Blockchain technology.
Blockchains are secured through 2 primary methodologies as defined by Wikipedia i.e:
- Proof of Work(POW) is a system (or protocol, or function) is an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing time by a computer.
- Proof of Stake(POS) is a is a method by which a cryptocurrency blockchain network aims to achieve distributed consensus by entrusting nodes with the highest amount of tokens with the security of the network.