What is Blockchain Technology? A Step-by-Step Guide For Beginners

Blockchain technology is not a technology solely for Bitcoin but rather a creative way to keep a digital ledger of economic transactions. This technology can be applied in a variety of fields such that the chain cannot be owned by a single entity and has no single point of failure. It provides a backbone with transparency and incorruptibility. Imagine a world where every transaction, whether it is a real-estate property transaction or a work-contract or an acknowledgement receipt of a email or an acceptance of work or payment or a medication delivery system releasing a medication into a patients blood-stream can be recorded such that it is indisputable and irrevocable.