Blockchain technology is the prime reason for the Bitcoin revolution. Before Bitcoin there were several failed attempts to create a digital currency. The key issue has always been “how to prevent users from duplicating the money and prevent spending the same money more than once”. The Bitcoin network was the first project in this field that managed to overcome this issue.
The sole reason that Bitcoin was able to overcome the duplication issue was through the implementation of blockchain technology. Since then, there have been many upgrades and new fields where blockchain found its purpose. Blockchain technology is based on the consensus of the people within the block. It is necessary that the people in the block verify a transaction for it to go through. So, only when the block is completed, does the next block begin. These blocks are made in chains and only at the end of a block can you access the previous one.
Blockchains are essentially lists of verified transactions. Why is that important? It’s important because it keeps data safe. To alter a previous transaction, you would have to complete all of the transactions after the one you want to alter. This is the way blockchain technology prevented the possibility of spending same money more than once. Besides that important issue, with blockchain technology, many other important issues got resolved, especially issues related to safety and security. Basically, the only important information that must be kept safe is the private key that enables a person to access their coins.
Blockchain is a great concept by itself, and it can also be a platform for creating your own programs and applications. Ethereum is a prime example of being a network where you can trade goods and coins, but also invest and fund various concepts, ideas, and projects.