Defining Blockchain Technology

Blockchain is a backlinked, decentralized and distributed-database of encrypted records.

Okay, if those words seem bemusing, then let me break it down for you:

• It’s a data structure where each block is linked to another block in a time-stamped chronological order
• It’s an append-only transactional database, not a replacement to the conventional databases
• Every node keeps a copy of all the transactions happened in the past which are secured cryptographically
• All information once stored on the ledger is verifiable and auditable but not editable
• Highly fault tolerant as there is no Single-point-of-failure.
  
  
  As blockchain didn’t conceptualize as a single separate entity in itself, it was the backbone technology of bitcoin, so we shall try to understand it with the use case of bitcoin & how does it help securely transfer this “digital gold”.