Blockchain Technology is an upcoming term mostly heard in relation to the cryptocurrencies. This record-keeping tech is very important for bitcoins. In addition to this one can also see the use of Blockchain technology in sectors like banking and investing.
It also enables a community of users to control the revision and any necessary updates for the record of information. On this level Blockchain technology seems quite similar to Wikipedia. In Wikipedia, a number of users contribute to a single content. But the main difference between the 2 is in their digital backbone.
Wikipedia has a highly protected centralized database. The total control over this centralized database lies with the owner. The owner manages all updates, accesses and also protecting against any cyber threats.
On the other hand, for the distributed database of the Blockchain technology, every node in the network has to come to the same conclusion while each updating the record independently. Thereafter only the most popular record is held at the official record instead of the existing master copy.