People around the universe can transact peer-to-peer and trust each other by using collaboration and cryptography. Satoshi Nakamoto made the debut of blockchain technology by releasing Bitcoin-an alternative currency that utilizes blockchain technology and it is transacted over an open, public, anonymous blockchain network. Since 3 January, 2009-blockhain’s debut, there is not a one point of failure till today, and this is what makes blockchain infinitely more secure than traditional mechanism. This sense of security brings sense of trust.
Bitcoin and cryptocurrencies are one of the greatest use cases for blockchain and this technology has many more use cases across various industries like finance, supply chain, healthcare and real estate. This dynamic and versatile technology facilitates people to exchange assets and perform transactions without requiring the central authorities to trust one another and fulfill contracts. Blockchain technology allows our peers guarantee that for others because assets are no longer stored in a central place in a blockchain system, rather distributed across a global ledger by making use of the optimum level of cryptography. A transaction is posted across tens of thousands of computers around the globe after its execution. So, blockchain network eliminates third party with peer-to-peer collaboration and validation by making use of its inherent mechanism.