Blockchain is a public ledger that records all transactions on the network. It’s decentralized, meaning there is no single point of failure or control. The blockchain maintains a continuously growing list of records called blocks, which are linked and secured using cryptography. Each block contains a timestamp and data about the previous block in order to ensure the integrity of the chain.
Bitcoin was created in 2009 by an unknown person(s) under the pseudonym Satoshi Nakamoto as an electronic currency (cryptocurrency). Bitcoins can be used to purchase real-world goods and services. It does not require any central authority to authenticate or verify the transaction. The blockchain technology makes sure that data cannot be altered, hence making it a reliable and secure way of recording information. Blockchain has been used in many industries including banking, shipping, healthcare and government services to name a few. In these industries there is high level of corruption because they are centralized systems where one person holds all the power over them and can change things at will without anyone knowing about it.