Blockchain is a decentralized, digital ledger in which all cryptocurrency transactions are recorded publicly. It is the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. Although it was initially developed for recording Bitcoin transactions, it has evolved into something much greater.
By allowing digital information to be distributed but not replicated, Blockchain technology created the backbone of a new type of internet. Bitcoin has been called "digital gold", and for a valid reason. To date, the aggregate estimation of the currency is close to $9 billion US.
It is a constantly growing list of chronological records, which are called Blocks and it allows market participants to keep track of their transactions made using cryptocurrency without the need for central recordkeeping. Typically, each block holds a cryptographic hash of the preceding block complete with transaction data and a timestamp.
Although at the moment, its usage has not been restricted to verifying virtual transactions, Blockchain is being used in various industries like Fintech, Supply Chain, Medical, Music, and Defense etc. It is possible to code and insert any piece of information which is then retained as a permanent record that cannot be changed.
Additionally, since it is managed by a peer-to-peer network, the authenticity of a record can be verified by the collective community cohering to the blockchain as opposed to some central authority. The users themselves are able to validate the transactions which eliminates the need for a third party and due to this reason, it can be used in a number backend operations which would ultimately simplify business operations for all parties.