Blockchain technology is a relatively recent application of computer networks, the Internet, and encryption technology. A blockchain is a decentralized and distributed network that is used to record transactions across connected devices as blocks of data that cannot be altered after being recorded.

When they are recorded, those transactions are grouped together into blocks, which are then linked together to create chains, hence how the name blockchain came about. With the growing applications of IoT, blockchain’s role and applications are increasing on a daily basis in business and society. Some experts call it a distributed ledger that records every transaction with a high degree of accuracy.

In a blockchain environment, the network is directly shared without a central administrator and transactions can be verified and processed independently. The distributed network is protected through encryption technology that makes the network accessible only to the authorized users. Due…

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