Blockchain is a chain of blocks in which blocks contains data/records that are linked using cryptography. It’s a structure which holds the records and while ensuring of transparency and Decentralization (not depend on third party).The blocks in which we stored our records are actually not controlled by any authority. The blockchain is the public ledger of all Bitcoin transactions that have ever been executed and potential activities in the blockchain revolution into political, humanitarian, social, and scientific domains. Nowadays blockchain is buzzword of the year and trending technology also. Bitcoin is great example of using blockchain technology. A Bitcoin block contains information according to blockchain type like about sender, receiver etc. The first block in the chain is called Genesis block. As I mentioned the importance of blockchain that is its security (ledger that can be between the two parties only). Now, IBM is largest company using blockchain with about 200 dollars investment in research and development. Blockchain is the future. It broken the centralized system among the market which develops insecurities and even more bribe for making their own benefits giving to the third party. Blockchain is one of the underlying technologies of Bitcoin. However Bitcoin is not using Blockchain but several other cryptologic technologies combined with blockchain. Bitcoin is still only being used for digital payments. While Bitcoin is in popularity because it’s price continuously breaking records high.
Blockchain technology removes the middle (third) party, allowing people to transact directly with each other. Will blockchain fail? No it won’t fail. It will become more important for us from even more than nowadays. It will be beneficial with blockchain only to maintain our chain integrity. Blockchain is real time peer to peer distributed immutable databases.