Blockchain technology makes it happen for people to exchange assets and perform transactions without involvement of an intermediate party. Envision a planet where you don’t require intermediaries or third parties. However, traditionally we felt the need for central authorities to trust one another and perform transaction or execute contracts; blockchain itself takes the responsibility of trust and execution and this secure technology makes it possible to have our peers guarantee for us.
In a nutshell, Blockchain is addressing the issues people were facing, like think of disputes that usually happen between merchants, consumers and other parties, such as payment processors, PayPal or tax authorities. The possibility of a transaction’s reversal hangs over everyone and that needs businesses to trust a third party such as banks to resolve payment disputes. Blockchain resolves double spending problem by using a peer to peer network, the network timestamps transactions by hashing them into an ongoing chain hash based proof of work forming a record that cannot be altered and that also deters distributed denial-of-service (DDoS) attacks. Consequently, Blockchain is a Problem solving phenomena for a world!