Blockchain, as its name indicates, is an evergrowing chain of blocks and it is used for managing electronic cash in between people who know nothing about one another. It is a Distributed Ledger Technology (DLT) which is to support Bitcoin cryptocurrency. A global network of computers uses blockchain technology to manage records and data bases of bitcoin transactions.
Each block contains a cryptographic hash of the previous block, a time stamp and transaction data. Blockchain monitors bitcoin transaction by calling decentralized network of volunteer nodes. Transaction is placed in a block by miners called special nodes. A major advantage of blockchain is that its database is not stored at a particular location and are public, which means no any version of information is available for a hacker to corrupt and is more user friendly. Each transaction is digitally signed to ensure its authenticity. There are three types of Blockchains networks. A Public blockchain, where anyone with an internet connection can become a validator. Private blockchain, where a person can join only by invitation of the administrator and Consortium blockchain, where it has restricted users and limited set of nodes.
Blockchain has a bright future scope in the field. It has already became a decentralized prediction platform and is helping local economies to grow. By 2030, most of the governments will adopt virtual currency methods, which is an advantage for this. Also, it has a great scope in the field of Internet of Things.