The Blockchain Technology is a framework that unifies various distributed systems such as the Distributed Ledger Systems (DLSS), The Hyperledger Project, The Cordless Industry Association's Common Data Model for Wireless Transaction Processing (DCAM), The Electronic Supply List (ESL), The National Association of Information Commissioners for Telecommunication (NANO) and The Payment Innovation Companies (PIC). This framework perceives these systems as the converging technologies to provide real-time transaction processing, improved fraud management, and improved battery power consumption. The core of the technology includes four key components namely, the ledger, the network, the block chain and the virtual machine. The most significant innovation of the Blockchain Technology is its ability to provide immutability.
The main concept of the Blockchains technology is about public and private ledgers that represent the same data. The private ledger is kept confidential while the public ledger is made publicly accessible. This brings in the concept of the Distributed ledger System which is different from the centralized systems. The Blockchains technology also allows for smart contract technology that enables users to execute automated transactions without the need of a central administrator or a broker. See more info here from latest news on blockchain.
The distributed ledger system comes with a number of advantages. The ledger gets the name because it is distributed. The ledger thus becomes a distributed database that is accessible to all users. This allows users across the globe to access the same ledger at the same time. Transactions are fast as there are no delays due to a slow internet connection.
Another innovation of the Blockchain Technology is the Merged mining. This basically means that the two main chains together work together in order to facilitate secure and fast transactions. The miners form a group in order to control the supply of tokens on the ledger. They do this by making their own transactions and then working together with the other miners to process the transaction.
A new innovation called the bitcoin Blockchain news. The bitcoin blockchain is a form of public network where the transactions are secured by proof of work. The main concept is that one can make transactions in the system without needing to have coins in the original system. The proof of work is a special computer program that is programmed into the bitcoin block. Once the transaction has been processed, you are awarded with an appropriate amount of bitcoins (digital currency) for your work.
The bitcoin system can also be implemented to facilitate secure international payments. This can help the food industry to transact business hours during peak business hours in other countries. This also helps avoid the need to hold the food at the local store all day and accept payment through credit cards and cash. Through the Blockchain, the food industry can be enabled to transact business during peak business hours and avoid high transaction costs.
Look here for added details: https://en.wikipedia.org/wiki/Blockchain
