Blockchain is becoming increasingly popular with typical applications in cryptocurrencies across the globe
The backbone of the Blockchain network is called the ledger. The ledger has two major parts namely a public ledger and a private ledger. The public ledger is accessible to all computers and can be accessed by anyone over the internet. The private ledger is only accessible by specific computers that are part of the decentralized network. The main reason why the blockchain is so different and appealing compared to traditional systems is that it relies on a completely decentralized approach to security. The ledger is considered a public entity, therefore no one can access it or control it. Every transaction that occurs is recorded and processed within the network, meaning that no one can hack into the ledger in order to commit fraud or make unauthorized transactions. Basically, nodes are connected together in what is referred to as a "chain". A particular node is chosen by a user and every transaction that is performed will be linked back to that specific node. Transactions ar...