What is blockchain technology – Blockchain Technology Guide

What is Blockchain Technology? Explained in layman terms

A new technology that emerged in 2008, with the name Blockchain, has now expanded into a cluster of new technologies, use cases, and derivatives. To name a few — DeFi, NFT, ICOs, STOs, IEOs, Staking, Yield farming, and a lot more terms and jargon that could easily confuse you. We hope to educate you all about Blockchain and its branches in this article. Happy learning what Blockchain is.

How Blockchain Can Help Your Business?

Not sure how blockchain can benefit your company? Here is a short video explaining how blockchain technology can benefit businesses.

Why Blockchain?

First, let’s learn about the main problems solved by blockchain technology. So that we’ll understand the relevance of it.

Problem 1: Data stored in a centralized server is vulnerable to security attacks. These days, even highly secure websites of Facebook, Yahoo, Banks, etc are getting hacked. Hackers are getting stronger and no web security measures are sufficient to fight them. When a hacker gains access to a server, they can manipulate the database for their benefit.

Problem 2: Centralized data storage is vulnerable to data tampering. Consider a simple example of a vehicle service center. If an employee gains access to the software that manages vehicle service details, they can alter the past service details of a car. This can affect the resale value of the car. In a nutshell, people with access can always tamper the past data if the data is kept in a centralized database.

Problem 3: In online transactions, there is a risk called ‘double spending’. That is, a person with technical knowledge can spend the same digital money more than once.

Problem 4: In a system consisting of people, entities that do not know each other, how can they trust each other? For example, consider a simple example of a group scientific research. Here, the individual researchers do not know each other and do not trust each other. How can each and everyone be sure that the data submitted by other researchers are genuine?

These problems are existent for a long time in many business sectors and industries. Fortunately, with the introduction and blockchain technology, these problems are no more an issue.


Let’s assume, you are an accountant and you have a file of transactions on your computer. Two other accountants have the same file on theirs. As you make a new transaction, your computer sends an e-mail to each accountant to inform them. Each of the other accountants checks whether you can afford to do this transaction. The first accountant to successfully check and validate the transaction hits “REPLY ALL”, and let everyone others know that he/she has successfully verified the transaction. If the other accountant agrees to this, all accountants update their file in their respective systems. In a bird’s eye view, this is what blockchain technology does. In a system of thousands or millions of users who do not know each other, blockchain technology facilitates a medium to conduct transactions and allows the users to verify the authenticity of the transactions without a need to trust other users.

Blockchain is a decentralized, distributed ledger existing on multiple computers at the same time. This ledger is continuously growing as new sets of  ‘blocks’ are added to it. Each block contains a details of several transactions, timestamp and a link to the previous block, so they actually form a continuous chain. The ledger is not managed by any particular body; instead, every user in the network gets a copy of the whole ledger. Old blocks are preserved forever and new blocks are added to the ledger irreversibly, making it practically impossible to tamper data by faking documents, transactions and other information.

It cannot be hacked

In blockchain technology, the data and transaction details are not stored in a central server, but, store in every users’ computer. The blockchain ledger updates very frequently and It is practically impossible for a hacker to hack into thousands of users’ computers and manipulate the transactions.

Data is secure

Once data is recorded in a blockchain network, it cannot be edited later. Since the data is distributed in thousands of nodes, it is impossible to tamper the data stored in blockchain network.

Data is tamperproof

Once data is recorded in a blockchain network, it cannot be edited later. The data structure in a blockchain is append-only. So, the data cannot be altered or deleted.

Trustless system

The blockchain technology allows for verification without having to be dependent on third-parties.

Prevents Frauds

Since different consensus protocols are required to validate the entry of data, it removes the risk of duplicate entry or fraud.

Automate business processes

The businesses can pre-set conditions on the blockchain using the smart contracts. The automatic transactions are only triggered when conditions are fulfilled.



Secure Records Management
Documents such as certificates, land records, title records, etc can be forged. But, Blockchain technology presents a method to manage documents more efficiently such that it cannot be forged. This is particularly beneficial for academic certifications, judicial document filings, land ownership management, etc. 
Smart Contracts
Smart contracts enable businesses to automate business processes. For example, consider an example of booking an air ticket, if the sender sends the requested money to the receiver’s wallet, automatically block the seat. Smart contracts are especially beneficial in business models the require escrow services.
Asset Tokenization
Asset tokenization is a steady trend. Everything from food products, gold, and even company stocks can be tokenized. This allows businesses to raise funds easily, manage assets more efficiently. This can help businesses to raise funds even before starting business operations via methods like ICOs, STOs, etc. 




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Is blockchain a technology or a theoretical concept ?

Blockchain is not just a theoretical concept to begin with in the modern world. It is unquestionably, a disruptive technology that correspondingly changes the face of the whole business. In terms of functionality, blockchain is just a distributed public ledger that stores a growing list of records in a chain of blocks during a business transaction or data transfer. Blockchain technology is the most secure one because, every block of data is decentralized, transparent and immutable. Each change on a block significantly initiates the creation of a new block. Rather than overwriting the existing block. The chain of blocks allows to namely view each change separately. This makes the blockchain technology an anti-fraudulent one. Bitcoin is the most used practical application of blockchain technology. Bitcoin uses blockchain technology to handle monetary transactions but the real potential of blockchain is much more.