To understand blockchain, let us first briefly discuss about traditional database. A database is a collection of information that is stored electronically on a computer system or server. Information or data in databases is structured in table format to allow for easier searching and filtering for specific information. A database contains larger amounts of information that can be accessed, filtered, and manipulated quickly and easily by multiple users simulyaneously.
Large databases place data on servers that use hundreds or thousands of computers in order to have the computational power and storage capacity necessary for many users to access the database simultaneously. Although a database seems to be similar to blockchain but it is diffrent from it.
A blockchain collects information in blocks with an irreversible timeline of data when implemented in a decentralised nature. Blocks have certain storage capacities and, when filled, are chained onto the previously filled block with an exact timestamp when it is added to the chain. This forms a chain of data known as the “blockchain.” All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled.
We would share more about blockchain at this portal and its blogs. We would launch a dedicated resource for blockchain too on this portal where techno legal issues, views, regulatory compliance, tools and software, etc would be discussed and used.