Writing Resources
A blockchain is public ledger of all transactions or digital events that have been executed and shared among participating parties Each transaction in the public ledger is verified y the consensus of a majority of the participants in the system Once data entered it can not be modified or erased The blockchain contains a certain and verifiable record of every single transaction made In basic analogy it is easier to steal a product kept in secluded place than stealing the product kept in a market place being observed by thousands of people Blockchain technology is non controversial and has worked without any defects from many years and is being used successfully in both financial and non financial world applications Blockchain network lives in state of consensus one that automatically checks in with itself every ten minutes It is a kind of self auditing ecosystem of a digital value the network reconciles every ten minute interval Each group of these transactions are called Block The main properties in this are Transparency and Incorruptible Advantages of blockchain Empowered users High quality data Process integrity Transparency and immutability Ecosystem simplification reduces complication of multiple ledger Lower transaction charges Disadvantages of blockchain Uncertain regulatory status Cultural adoption Cost high initial cost
