Hello Venkatesh Babu Mallampati
This is an excellent post but allow me to add a few points. Blockchain technology enables the storage of data which has some digital value (Leible, Schlager, Schubotz & Gipp, 2019). Blockchain technology is applied mostly by financial institutions. This is because it allows the institutions to store transactions, and it allows the data to be duplicated on an open network. Since its introduction in the 1990s, the technology has dramatically improved. Bitcoin is known to the first cryptocurrency to implement the use of Blockchain.
References
Leible, S., Schlager, S., Schubotz, M., & Gipp, B. (2019). A Review on Blockchain Technology and Blockchain Projects Fostering Open Science. Frontiers In Blockchain, 2. doi: 10.3389/fbloc.2019.00016