How block chain eases business transactions

A block chain is basically, data packaged in what is referred to as Blocks. These data blocks are interconnected to form a huge ledger or super record. The ledger/super record is accessible to anyone anywhere. Thus, block chain is described as distributed ledger technology. There is not just one block chain but a collection of interconnected block chains.

Each block contains data, the hash of the block and the hash of the previous block. A hash is a number generated from a string of text. The hash is generated by a formula. It is extremely unlikely that some other text will produce the same hash . The hash is a unique identifier or finger print of a block. Thus each block will contain its ‘finger print ’and the ‘finger print’ of the previous block.