Before discussing about Block-chain let’s give a shot what it is. Block-chain technology was invented by Pseudonym Satoshi Nakamoto in 2008 for developing crypto-currency namely Bitcoin. The main purpose of the blockchain is to reduce operating/Middleman to control. Further, the transactions are incorrupt, secure, the time taken for a transaction is minimal and increased the reducing cost
Block-chain is a decentralized secure platform that doesn’t have any operation authority/Middle man to control it. However the Block-chain works by storing blocks of information that are identical across its network and are linked by using cryptography and distributed throughout the network. Where the blocks additionally contain hash function of previous block with timestamp that allows to update the entire required functional data. It is also called as distributed ledger which record all of transactions between two parties and distribute the data through the whole network and makes the system incorrupt/un-editable and also prevents from getting hacked. Further, the distributed ledger, a block-chain is typically managed by a peer-to-peer (P2P) network collectively adhering to a protocol for inter-node communication and validating new blocks.
Block-chain includes two keys namely Public key and Private Key. Where the public key includes a random number that is address of the user on blockchain. Further, private key is like a password that gives its owner access to their Bitcoin or other digital assets
Further, many research labs are aggressively work its research to improve the block-chain technology and make it to next level as companies didn’t want to miss this gold laying egg. The next level of block-chain would be Lighting network, Raiden & Tangles (IOTA), DAG (Directed Acyclic Graph) is a novel distributed ledger architecture, there are working on few technologies that integrate Blockchain and Big Data seamlessly & Artificial Intelligence (AI)
You can also see the current trends of major companies that you see only daily basis are working effectively on BlockChian technologies like: Crypto is changing the world as we know it, and few companies are on pace to become some of the biggest blockchain players in 2018.