Each network in the connection holds a copy of code and data shared or we can say stored by the blockchain user. Blockchain data storage is quite different from the other databases as one of the major reasons is that the data that is stored on the Blockchain is immutable. That is, once the data is stored or technically, deployed on the blockchain network it thus, cannot be changed. Henceforth, it provides secure data storage and mutual trust.

Other than that, we say Blockchain is DECENTRALIZED. What do we actually mean by that? It means that Blockchain does not have any central authority which could change or delete any of the transaction data stored on the Blockchain network.

It means that it provides equality between its users and manages all its data in a distributed manner.

During the year 1991, Stuart Haber and Scott Stornetta, two scientists were working on their research project, where they were willing to establish a practical solution for time-stamping the digital documents. Thus, they ended up developing a system using Cryptography, which could store the time-stamped documents in the form of a 'secured chain of blocks'.

Later, in 1992, this idea was improvised and Merkle Trees were used to store a series of data records and where each data record is connected to the one before it. This idea was indeed a success but was never implemented. Then, a Cryptographic activist, Hal Finney introduced a prototype of digital cash called Reusable Proof-of-Work (RPoW), which could be transferred from person to person. This prototype helped to solve the double-spending problem. In the year 2008, you might have guessed the name already, Satoshi Nakamoto conceptualized the theory of DECENTRALIZED BLOCKCHAIN.

For now, we can define a Decentralized Blockchain as a database that has no central location or central authority, instead the data is stored in a distributed manner and there is no central authority that has the right to update or change the data of the records. This change in blockchain theory was a big step and hence became the backbone of Cryptocurrencies. In 2016, the size of transaction records of cryptocurrency was grown from 20GB to 100GB.

Every day, we are evolving the use of blockchain in our lives and started adding in our habitual behaviors.

Let me know what do you think about Blockchain?