A digital ledger of economic transactions, incorruptible in nature, Block chain could be programmed to maintain not only monetary transactions rather we can record practically anything of value.
As we have already seen such kind of systems operational on web where many individuals make entries into a record of data. And there is a whole group of other users who have a control on making amendments and updates in the current data record.
For instance, Wikipedia is one such platform where the entries done are not the outcome of any single producer. There is no-one-person who takes control of the data and information punched.
If we need to understand the uniqueness of blockchain technology we have to descend to the roots.
Blockchain as well as Wikipedia both operates on what is called the internet, a distributed network. However Wikipedia has been constructed by utilizing a client-server model of network, built over
WWW i.e. World Wide Web. If there a user i.e. a client who has an account he would be allowed to make some possible alterations in the existing entries of Wikipedia saved on a server, centralized in nature.
And later whenever a viewer opens any page of Wikipedia, he/she would be able to read the updated version of the original text. Wikipedia administrators keep the whole control of the stored data and gives permission for allowing access to a central authority. To remain protected against cyber-threats and manage the updates the control over the database, centralized, is in the hands of their owners.
This is another distinct feature of blockchain technology where the distributed database has an altogether different digital base. If there is any editing done on the original copy, better known as master copy, all the world wide users are able to observe the changed version. Thus we can say that each node in the network reaches the similar end. And every record that is being updated gets registered in the official record in place of the original/master copy. This feature of blockchain is helping it become so special.
To conclude we can say that this blockchain technology is not something newborn, rather it already existed. It’s a combo of 3 which helped the idea of Satoshi Natamoko become so impactful: a protocol which governs the incentivization, the web and the private key cryptography.