Distributed Ledger Technology (DLT), blockchain, bitcoin, etc. are buzzwords these days. I am also intrigued by blockchain technology and felt that I should pen down my findings and views too. As it is often said, if one cannot explain something, it means he or she does not understand the topic. Hence, here goes my amateur understanding of blockchain technology and it might help you if you have just started out on reading up on blockchain.
I will add new information to this article from time to time (when I am free).
Bitcoin? Blockchain? Somewhat similar yet different?
Between the terms bitcoin and blockchain, most would be more familiar with bitcoin which is a cryptocurrency and their value have appreciated quite a fair bit over the last few months or years. For the uninitiated, the underlying technology behind cryptocurrency is blockchain.
What is Blockchain?
Blockchain is not the silver bullet to all problems you are facing now.
Blockchain is a globally verifiable, tamper-resistant and operationally resilient ledger shared among the participants. As the ledger (or data set) is globally verifiable by the participants, the need for a trusted third party diminishes. The term trusted third party might sound unfamiliar to you at this juncture but trust me, you actually know it and most of the current processes have this element of trust in place.