What is Blockchain? How it works?

Blockchain technology is an innovative way for businesses to securely share information within a network. 

This advanced database mechanism stores data in blocks that are linked in a chain, creating a transparent and tamper-proof system. 

With blockchain, all transactions are recorded chronologically and cannot be altered without consensus from the network.

In a property transaction scenario, blockchain technology creates a ledger for both the buyer and the seller. 

This means that every transaction must be approved by both parties before being recorded in their respective ledgers. This ensures that all information is up to date and consistent for both parties in real time.

This way, Blockchain also mitigates the need of third party for unbiased supervising of the transaction.

The origins of blockchain technology can be traced back to the late 1970s when computer scientist Ralph Merkle patented Hash trees, or Merkle trees. However, it was not until 2008 that blockchain technology was outlined in its modern form by an individual or group known as Satoshi Nakamoto.

Overall, blockchain technology has revolutionized the way businesses share information and conduct transactions. 

Its decentralized and tamper-proof nature has made it a valuable tool for ensuring transparency and security within a network. 

As the technology continues to evolve, it is clear that blockchain will play a significant role in shaping the future of business operations.