Fundamentals of the blockchain

Blockchain is a decentralized database that keeps records of all transactions secure and in an append-only fashion. Blockchain rapidly became popular among numerous industries because of its decentralized nature regarding its database. For an organization that can't afford a single point of failure, the blockchain database makes it practically impossible for sensitive information to be compromised by cyber criminals. Also, blockchain isn't just managed by trusted administrators or developers; it is well-managed by anyone who can be either trusted or from a known or unknown party. The following diagram is a graphical representation of the blockchain network:

Each internet-connected computer needs to have blockchain node software and run an application specific to the blockchain ecosystem. Depending on the use cases, the participation of these computers can be restricted. For example, the blockchain-based ecosystem bankchain only permits banks to run the bankchain node client application.