Since I joined steemit platform based on steem blockchain, I am trying to understand what exactly blockchain is? Still, I could not understand it fully but whatever I learned I want to share here. I would like to hear from you how do you understand this technology.

![KryptoMoney.com-Blockchain-Technology-Is-Not-Just-about-Cryptocurrencies.jpg](https://gateway.ipfs.io/ipfs/QmUV1MdjFYJVDGxTC58T3pddP7rzBUSrvrN1XPSB6XYDFd)

- First thing I understand in a simple language is that 
> A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data.
- Blockchain was originally developed as the accounting method for the virtual currency Bitcoin. It is claimed that Bitcoin was invented by [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto).  Blockchain is the technology that enables the existence of cryptocurrency.  
- Blockchain is  a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network.
- With a blockchain, many people can write entries into a record of information, and a community of users can control how the record of information is amended and updated.
- The distributed database created by blockchain technology has a fundamentally different digital backbone. This is also the most distinct and important feature of blockchain technology.
- A blockchain is essentially a distributed database of records or public ledger of all transactions that have been executed and shared among participating parties

![Screenshot 2018-04-28 18.24.45.jpg](https://gateway.ipfs.io/ipfs/QmegJZmrT8FwTCU8KThj4WNefSMLoL32DKjZFLnC5jnP5n)

- Blockchain has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot be controlled by any single entity and has no single point of failure.
- Blockchain is the makeup of nods, a network of computing. Every node is an “administrator” of the blockchain, and joins the network voluntarily. The network is decentralized and each one gets an incentive for participating in the network: the chance of winning Bitcoins. 
- As the data is stored across the network it eliminates the risk of hacking as centralized data storage is vulnerable to hack.
- What is centralize, decentralize and distributed ledger can be understood to some extent by below diagram.  Decentralization means the network operates on a user-to-user (or peer-to-peer) basis. 
![Screenshot 2018-04-28 18.55.44.jpg](https://gateway.ipfs.io/ipfs/QmfL8cXUC66bsYcbtY8YFTUKtjwZfohVFU97ahVYdYJdzy)
![Screenshot 2018-04-28 19.03.49.jpg](https://gateway.ipfs.io/ipfs/QmYdUUgPyQGw9sekqTPEHwThbPPXfZe2ftFC5Sitgod4mW)
- Blockchains are secure by design this makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability or voting.
#### How blockchain works,  can be understood by simple steps.
- Someone request a transaction.
- Request transaction is broadcast to nodes.
- The network nodes validates the transaction and the user's status using known algorithms.
- A Varified transaction can involve cryptocurrency, contracts, records or other information.
- Once verified, the transaction is combined with other transaction to creat a new block of data for the ledger.
- The new block is then added to the existing blockchain, in a way that is permanent and unalterable.
- The transaction is complete.

##### Blockchain technology is growing very fast and there are so many areas where this technology can bring a revolution. Some sector which could be a huge beneficiary of this technology in future are
Banking
Messaging app
Voting
Internet advertising
Crypto exchange
Education
Cloud storage
Stock trading
Insurance 
Healthcare
Energy management
Supply chain management
Government and public records
Retail sectors
##### It is just the beginning of blockchain technology and revolution is yet to come. 

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