what is blockchain technology

What is block chain technology?

Block chain is really just a type of distributed burner. You can consider DLT (Distributed ledger technology) a basic technology of block chain. Over time, however, it became more popular than the whole concept of distributed ledger technology.

However, many developers are now trying to come out of the block chain shadow. This is why people are more than eager to learn about the block chain versus distributed laser technology gap.

Block chain is one of the distributed laser technology where every node gets its very own copy of the laser. Each time a new transaction is added, all copies of the book are updated. All transactions are encrypted before being added to the ledger.

Block chain does not require a central authority to manage operations similar to DLTs (Distributed ledger technology). 
In fact, it is fully decentralized. There are strict security protocols that require computational trust.

 The block chain organizes the data in the context of a block, hence the name. These blocks are interconnected and encrypted for security.

The block chain only allows the addition of operations, that is, you can add new data, but you cannot change or delete existing data.

 This is one aspect that distinguishes it from traditional databases. As you cannot change or delete a single block of data, every transaction in history exists.

 This is also one of the reasons that the block chain market is expected to grow from half  to

• billion USD(United State Dollars) in 2018 to 2.3 
• billion USD(United State Dollars) in 2021. 

Some predictions also predict that in 2024 a market of 16 billion USD(United State Dollars).

WHAT IS DLT TECHNOLOGY?

Similarly that the vast majority who utilize the web appear to be more inspired by what it does as opposed to how it does it, the innovative virtuoso behind Bitcoin and different digital currencies regularly goes unexplored. 

While understanding the way DLT works isn't basic to one's capacity to utilize applications based on it—having a fundamental information on how it functions will assist you with understanding why it's viewed as progressive and why the promotion encompassing Distributed Ledger Technology is very much established.

WHAT IS DLT TECHNOLOGY AND WHY WE USE IT?

Records are the establishments of book keeping  a framework by which individuals build up who claims what, who has what, and who owes what to whom. While the idea has continued as before, the medium used to record exchanges has differed after some time and through mechanical advances. From co-wry shells to papyrus, books to PCs the objective has consistently been to keep records as proficiently and adequately as could reasonably be expected. 

People have been keeping up records for a huge number of years, and keeping in mind that the medium and strategies have changed after some time, one component of record keeping has not. 

From Mesopotamia to McGladrey, an outsider gathering has consistently needed to enroll and direct exchanges and look after records. This bodes well as it gives a premise to approval, and permits individuals directing an exchange of significant worth to confide in each other.

The development of worldwide exchange and trade has prompted the production of an immense system of record frameworks, which are powerless against personal time, distortion and misrepresentation, the repercussions of which can be calamitous and expansive — simply recollect the 2008 Financial Crisis. 

Appropriated Ledger Technology is the primary type of record to dispense with the requirement for an outsider. It makes it workable for a record to be conveyed among each one of those utilizing it, putting the duty to keep up and approve it in the hands of those utilizing it. 

The outcome is a decentralized arrangement of information library where exchanges are moment, straightforward, dependable and ethical.

DLT is the main framework to sidestep the need to believe each other when directing exchanges of significant worth — the ramifications of which will be significant and extensive. 

Note:       DLT don't need to be decentralized or open, they are moldable frameworks and can exist in numerous states, including brought together and private. This article concentrated more on the decentralized angle as accomplishing advanced decentralization is an immense leap forward in itself. 

This was the primary blog in an on-going arrangement of instructive posts about Distributed Ledger Technology. It speaks to a glimpse of something larger.