Blockchain

Blockchain 

Blockchain is chain of BLOCKs where each Block contains value data without any central super vision. It is cryptographically secure and immutable.

Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

Blockchain Technology is a decentralized database that stores the registry of
assets and transactions across Peer to Peer Network and these transactions are secured through cryptography.

Decentralized:

It is said that Blockchain is decentralized because there is no central authority to supervise anything

Consensus Mechanism

Mechanism by which decentralized red reaches on over certain matters specific

Miners

Users who use their computational power to extract blocks

Facts about Blockchain

Transaction history is locked in the blocks of data that are then photographically linked together and secured.

This creates an immutable and unforgeable record of all of the transactions across this network

This Record is replicated on every computer that uses the network.

Its not an app, Its not a company, I think its closest in description to Wikipedia.
We can see everything in Wikipedia.Its composite view that constantly changing and being updated.We can also track those changes over time on Wikipedia and we can created our own wikis,

On Blockchain, we can think of it as open infrastructure that stores many kinds of assets.

It stores the history of custodianship, ownership and location for assets like the digital Currency Bitcoin, title of owner ship like IP.

With all this, How Blockchain lower Uncertainty and how they therefore promise to transform our economic systems in radical ways ?

Uncertainties in economics are like 

1) not knowing who we are dealing with ( Identity Management) 

2) not having visibility into a transaction ( Asset Tracking) 

3) not having recourse if things go wrong. (Reneging on deals )

Using Blockchain, we can create shared reality across non-trusting entities.

All of these nodes in the network do not need to know each other or trust each other, because all of those have ability to monitor and validate the chain for themselves.

Blockchain is persistent, transparent, public append only ledger.

It does this through mechanism creating consensus between different parties that need not to trust.

Industries that are using Blockchain

• Supply Chain
• Trade Finance
• Healthcare
• Identify Access Management
• Banking