Blockchain is the latest revolution in the world of Internet.
It is a kind of distributed database which is used to mantain records in
the form of blocks. Each block has a link to previous block and hence
the name Blockchain. A blockchain are managed by peer-to-peer networks
which obey a set of protocols to validate a new block.Blockchains are
inherently resistant to modification of the data. Once recorded, the
data in any block cannot be changed without changing all the subsequent
blocks.As you may have seen with Steemit passwords that there is no
recovery.
It is a decentralised system of recording data in which every user has
an access to the same content.Blockchains are secure and thus resistant
to any data changes. There is no third party controller of this system
and the content is easily accessible to everyone on the Blockchain. This
is in contrast with the present system of servers where only a select
amount of users are able to access the content.That is where hackers
come into play in the present system. However in block chain, as the
information is available to everyone, therefore the hacking risks are
highly reduced. The transactions over blockchain are secure, efficient
and tranparent.
The concept of Blockchain was given by Satoshi Nakamoto in 2008 and put
in in practice a year later by using it for the BitCoin which itself has
no regulatory authority. Now the use of Blockchain is certainly
increasing as is the case with Steemit also. In coming days, we may be
seeing a more transparent tomorrow with the help of blockchains.