As the name shows, blockchain is a chain of blocks that contain information. It was intended to timestamp digital documents. So that it was nearly impossible to tamper with it. It was first implemented in 2009 by a person or person who goes by the name Satoshi Nakamoto when they created the world’s first cryptocurrency bitcoin.

A Blockchain is a distributed ledger that is open to anyone. It has an interesting property. Once the data has been documented inside it, it’s really hard to tamper with the information inside the blockchain. Example: Bitcoin is used to store transaction data in its particular blockchain. Every blockchain contains a set of blocks that contains a unique set of information. The first block is called a Genesis block. The sets of information are called data, hash, and previous hash.

One of the major advantages can be the way it can be decentralized. Most of the fiat currency in the world is centralized and only holds value because the government maintains its value and it does not hold any value. Now, because of this, the inflation around the world increases every year which is the value of the currency decreases as the year passes by and the amount of an item which it can buy decreases. Now all the cryptocurrency uses blockchain technology, which in terms helps in tackling inflation.

Another advantage is the faster transactions that are possible in blockchain technology. Before this, the overall banking process takes around three days to settle, but after introducing Blockchain, the time was reduced to nearly minutes or even seconds.

In conclusion, I would like to say if blockchain technology is used effectively in the world, it can be a new revolution like the one we saw in the 1990s during the dot-com boom which was one of the most revolutionary eras in terms of the internet.