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UNDERSTANDING THE BLOCKCHAIN TECHNOLOGY

Blockchain is an advanced data management technology applied in the storage of cryptocurrency records. Blockchain can be referred to as distributed ledger which is also decentralized.

Now the blockchain technology is a technology used to store financial records. So what technology have alway been used to store record? That is RDBMS technology(Relational Database Managment System). With the recent growth in the volume, variety and velocity of data generation, the traditional RDBMS technology is no longer able meet up the requirements of mordern data management. That led to the rise of concepts such as Big Data and NoSQL as well as Blockchain.

How Does Blockchain Work
First the data storage is decentralized. This means that the data is not stored and maintained by one big organization.

 
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