What are some key takeaways of Blockchain technology?

Following are some key takeaways from the Blockchain technology:

  • Blockchain is a sort of shared database that differs from regular databases in the way it is stored: data is saved in blocks that are then cryptographically linked together.

  • New transactional information is added to a new block as it is received. After the block has been filled with new transactional data, it is chained onto the previous block, establishing a data chain.

  • A blockchain may store a wide range of information, but the most common use case has been as a transaction ledger.

  • In the case of Bitcoin, blockchain is used in a decentralized fashion, which means that no single person or organization has power over the network but rather that all users have collective control.

  • The data entered into a decentralized blockchain is immutable and cannot be modified. This means that Bitcoin transactions are forever recorded and available to anyone.