The blockchain-an ingenious invention is brainchild of one person or group of persons. Since then, this technology has evolved into something big. Blockchain has formed new backbone of internet by restricting the copy of digital information, even if left disturbed. Mainly, the technology is devised for Bitcoin, digital currency, which has led tech community find many potential uses of it.
Block chain is time-stamped series with changed data records managed by computers, and are not held as a single entity. Each block of data is bound and secured using a cryptographic (chain) principle. If you are looking for more information about blockchain technology then you can browse https://applicature.com/.
In a network blockchain, no ultimate authority, by definition is democratic system. As it is immutable and shared ledger, the information is open to everybody and all can see. As everything is built on blockchain, its nature becomes transparent and accountable by everyone for all actions.
There is no transaction fee for blockchain but the infrastructure costs may exist. This is a great way to convey information from one point to another in a secure and automatic way. A party initiates the transaction process with the creation of the block. It is verified by the people and many computers on the Internet. This model is also used by bitcoin for financial transactions which is deployed in other ways.