A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data . By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".Blockchain technology is one of the most exciting digital technology innovations of recent times, and despite its relative youth, it has the potential to fundamentally alter the way transactions are made and information is both stored and accessed.all information added to the blockchain is time-stamped. Blockchain technology is decentralised, meaning information is not stored in a single place. This prevents manipulation and makes all data transparent. The record of events is shared by many people across a network, which provides additional security benefits, as there is no central point of failure or vulnerability. This ensures that all data entries are traceable, further enhancing the transparency of the database itself.
While many countries are embracing the blockchain phenomenon, India is yet to finalise its stand on this technology. Although there is a stern stand against cryptocurrencies by the Indian government, the same cannot be said for blockchain technology itself. Industries, along with both the central and state governments are striving to set off a unique trend in the path of digital transactions as well as in the online space. The global blockchain technology market size was valued at USD 1,590.9 million in 2018 and is expected to grow at a CAGR of 69.4% from 2019 to 2025.