What is meant by block chain technology?

Blockchain technology is a new method and it is the latest update of the internet. This new concept will make a wide range of change in the present world if it uses widely. At present this technology is using in the transaction of selling and buying of Bitcoin or cryptocurrency.
In a simple way, this can be explained like this. If one person wants to sell or buy cryptocurrency, he will create a block and this block includes all owners of cryptocurrency. Means, if a block created, all other users (all other computers in that network, maybe thousands or millions) know about this transaction request. So everyone can respond and all users in the block know about the transaction. Now the point here is a blockchain carries no transaction cost. There is some infrastructure cost involved but no transaction cost.

Some advantage in this system are can not make fraud in this system as the entire user in the network knows about this transaction. You can make fraud with one or many users but impossible with the entire user in a network. Another main advantage is no middle man fee for a transaction like credit card companies charging a percentage user fee at the moment, banks are charging a transaction fee, railway booking and air ticket booking companies charging a commission and share broker is charging a brokerage fee etc.

Now if we use this our current digital network, the existence of bank will be in trouble so as other companies working for commission or service charges( like all type of brokers). We know almost all such companies handled by governments or huge private companies at present, they may not show interest to adopt blockchain technology as it will change the society altogether. Also, governments can not control the monetary transaction in a country in which we can not predict how things can change.

The blockchain technology was successfully used by the Bitcoin Network for the first time. The blockchain technology is a transparent publicly accessible ledger. This will allow the customers to sell the blocks with them to another party. Generally, the public key encryption and proof of work methods will be used.
This method will use a decentralized methodology to manage the site. This is not controlled by a bank, corporation, or government. The security of the transactions will increase as the size of the network increases
This technology is gaining a lot of attention in many organisations in doing their financial services.

Block chain technology is termed as a transparent and publicly accessible account enabling us to transfer the ownership of units of values utilising the key encryption and this supports the working method.
There is the application of the decentralised consensus to maintain the network. In addition to this, it is not operated by a Bank, a Corporation or a Government.With the expansion of Bitcoin - network, it may take the shape of increasingly decentralisation.In that situation, the more it is decentralised, the more secured it becomes in terms of safety. It is not only confined to usage of Bitcoins, but this technology has been extended to varieties of industries including Financial - service, charities, E - commerce etc.
Whenever someone sends a transaction, it is flashed instantenously to the network and the same is verified by the miners. The miners are responsible for the confirmation of the individual transaction. The same is included in the next block of transaction in the chain. Rewards are ultimately paid out in the form of Bitcoins to the miners confirming transaction and the same is verified.
Each party is involved in the mining process with the unique identity of the Block - chain or a Public - ledger having all details of transactions.

Block chain technology is the new age internet derived technique for developing a decentralised network of people for a common activity. Bitcoin is given as one of the examples of use of this technique and in fact it was the first such use of block chain technology. So the block chain technology is now paving ways for many other industries like non profit works, charities, financial services, arts and e-commerce.

One interesting thing about this technology is that the applications based on this are generally self sufficient and self propelling type and can be approached by the public through an encrypted ledger. In layman language it is the most advanced use of algorithm and logic available in the software languages and internet. Another interesting thing about the block chain technology is that the applications active under it are not controlled by any Govt or country or bank or cooperation so there is no one guaranteeing behind those transactions. At the same time these apps are robust enough and governed by some digital logic and it is difficult for the hackers to break their code and do the mischief of any sort.

The practical aspect of this technology is being used to securely transfer the ownership of certain units of value between individuals using encrypted public keys. There is no centralised authority in this technology and it is said that larger the network grows more decentralise it becomes. Many people will surprise on the nature of this technology as without any institutional control and administration it works in its own ways. But there are softwares and logics available in the computer world which can create independent systems in the internet which can be claimed as fool proof decentralised systems.

Block chain technology is a latest technology that represents a record of a transaction. It is a permanent and publicly accessible ledger that permits us to securely transfer the ownership of units of value using public key encryption.
Currently this technology is being used in the transaction of selling and buying of Bitcoin or cryptocurrency, but it is not limited to bitcoin, Litecoin, Ethereum or cryptocurrency only and gaining lots of interest in a variety of industries like financial services, banks, real estate, e-commerce and health etc. It is having higher level of security to the individual users. Each transaction is digitally signed to ensure its authenticity and no one can alter. It is used to track the record and use of digital content. It is popularly known as digital ledger stored in a distributed network.
In Blockchain technology, it stores data i.e. information into blocks, which to form a chain with other blocks of analogous information. Decentralization, Transparency and Immutability are the three main attributes of it.
The decentralization of blockchain technology means that ledger exists on multiple computers or nodes and doesn't controlled by single point of control. Hence due to lack of a single authority, this system become more secure.
The transparency of a blockchain means that anyone can see the ledger of transactions or each information or transactions are open to public. Hence, blockchain provides a platform to users so that they interact with the technology in an integral way.
Immutability of a blockchain ledger means that data once entered cannot be altered. A block having information or transaction details is processed using cryptographic principles and a hash value, represented by an alphanumeric string, can be generated for that block. This process makes certain that all the blocks are chained together inevitably and nobody can change the data recorded in one block without dismantling the whole system.
In short, security, transparency are the main features of this technology.