A single digital history can be agreed upon by people that do not know or trust one another thanks to blockchain technology. Because digital assets and transactions can be readily falsified and/or reproduced, it is crucial to have a shared digital history. By running an electronic, decentralized public ledger that is frequently referred to as distributed, blockchain technology offers a solution without the use of a reliable middleman. This ledger records transactions and assets in a corporate network. A blockchain network may track and trade anything of value, whether tangible or not. As digital blocks of information are protected and held together by chains of code and data, it is a literal block and chain format. It provides a decentralized record of information over several computer networks and acts as the basis for several cryptocurrencies, including Bitcoin and Ethereum. 


Blockchain relies on cryptography, the study of secure communication methods that aims to prevent the compromise or manipulation of records by any unauthorized users. Blockchain has so far been used most obviously and efficiently to monitor and control Bitcoin monetary transactions. A currency can only have one owner at a time, and the blockchain can track transactions to ensure that money isn’t being spent more than once.


It will be crucial for the networks running the blockchain to preserve user security and avoid becoming hacker-prone as blockchain continues to permeate a larger portion of our corporate and financial sectors. For the time being, this security is still one of blockchain’s key selling advantages. Because the information on the blockchain is distributed over hundreds of computers rather than being held in one central location, it helps to avoid hacking (but does not completely eradicate it).


Blockchain can operate a decentralized market by enabling peer-to-peer payment systems, issuing shares, carrying out stock swaps, and functioning as an electronic ledger. For instance, consumers who wish to utilize a ride-sharing service are still need to employ a middleman like Uber to arrange and pay for a ride. The blockchain makes it possible for peer-to-peer transactions, which allows for more direct communication between parties. In the not too distant future, this could allow passengers and drivers to connect directly for paid rides.