A type of distributed ledger used for storing information and data electronically or digitally within a computer network is called a blockchain. These blockchain networks are publicly accessible and the information recorded on the blockchain is also immutable.
The data in the blockchain network are stored in the form of blocks that are connected to each other like a chain. Whenever new information is to be added to the network, a new block is created. Blockchains are widely used in the form of distributed ledger for crypto assets but have utility beyond the finance and payments sector.
There are different types of blockchains, such as public blockchains, consortium blockchains, private blockchains as well as hybrid blockchains. The type of blockchain depends on the kind of information it is holding. Every first block mined for a blockchain is known as a genesis block. Each block comes with a unique signature known as the hash. It behaves as the fingerprint of the blocks, thereby helping in their identification. Even a slight change in the content of the block leads to the change of hash. There are several use cases of a blockchain based application. These systems are popular in the real-estate business, used for conducting voting processes, and sharing medical data, cross-border financial payments, supply chain management, etc.