INTRODUCTION OF BLOCKCHAIN

Blockchain is a decentralized computation and information sharing platform that enables multiple authoritative domains, who do not trust each other to, cooperate, coordinate, and collaborate in a rational decision process.

EXPLANATION:- so by definition blockchain the keyword that we have in this particular definition is this decentralized that is an important aspect of a blockchain, we will talk about that how this technology is decentralized and what is the utility of this particular technology when you use a decentralized platform.

Then this computation and information sharing platform, so blockchain broadly you can think of it is a decentralized database that helps in cooperation between multiple authoritative domains.

This terminology has multiple authoritative domains; it is the third keyword. So the technology is particularly useful when multiple parties or individuals want to cooperate with each other they want to come to a common platform to share the information among themselves.

And another important aspect of blockchain is that whenever we are talking about multiple authoritative domains. these multiple authoritative domains they do not trust each other.

this is an important aspect of blockchain that you can combine multiple authoritative domains who do not trust with each other and they can come to a common platform where they can cooperate, coordinate and collaborate in the application development process at the business intelligence process.

BLOCKCHAIN USE
TRADITIONAL WAY OF SHARING DOCUMENT.

A particular use case is how blockchain can be useful for developing applications.

In the traditional way of sharing documents whenever we used to do it using Microsoft word say Alice wants to share some documents with bob.so what ideally Alice will do? Alice will just write down his content inside his or her own document.

So Alice will whatever Alice wants to write she will write it in her own document, then Alice will share that document to bob, and after that bob will update the document with his content and share the document again to Alice.

So that was the traditional way of cooperation between Alice and Bob when they wanted to write something in a shared document.in this particular architecture, there are multiple disadvantages.

The first disadvantage is that Alice and bob they will not be able to simultaneously edit the document that is a fundamental problem of this architecture that first Alice up to update her own content then she can share the document with bob and one bob receives that content they only he will be able to update the content and share it back with

Alice. Now this architecture we move towards the next architecture where we use this

SHARED GOOGLE DOC-BOTH THE USERS CAN EDIT SIMULTANEOUSLY

This google doc or share google doc platform.in a shared google doc dot platform, both Alice and bob can write simultaneously or they can edit the document simultaneously.

But with that, this shared google Doc document the problem is that this environment is still centralized.

Now the question is that does centralized environment harm or what is the disadvantage that if we use a centralized environment for cooperation during this kind of information sharing platform.

The major problem of a centralized system is that it works as a:- single point of failure.

If you do not have sufficient bandwidth to load google doc, you will not be able to edit.
What if the server crashes?read more