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.