What is blockchain?

What is Blockchain? According to Thematic Research Report, the global demand for cryptosystems has declined by nearly 20% during the recent years when compared to the past few years. The main reason being big companies are preferring to apply traditional methods for their upcoming stage projects instead of going ahead with Blockchain technology. 

Why is it important? 

A new decade's worth of digital world will be ushered if developers continue to implement the technology needed to create a fair and balanced open-access network. The block chain project can help in providing a more efficient service system, increase in speed of transactions and reduce the cost associated with international trade. It will also help secure the long term value of all currencies through its innovative use of cryptography and digital asset management. 

How does a transaction occur over the block chain? 

A transaction occurs between two entities when both parties send a digital signature that includes their public key and a secret key. Once the digital signature is received, it is then confirmed by other nodes on the network. Transactions are secure as long as two participants both own a private key. If a third party should attempt to modify the existing block, this third party must apply a new digital signature proving that they have the right to make the change.