According to Investopedia;
A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order.
In very simple and clear definition;
The blockchain represents a ledger/record of all transactions that pertains to a particular cryptocurrency and it affiliated ventures.
Think of it as your regular bank account statement, the blockchain technology uses combination of computer applications to ensure that all activities pertaining to a particular cryptocurrency is recorded as they occur and can not be edited or manipulated, the blockchain technology is actually an open source system of records, therefore it is possible for everyone and anyone to see trasactions/activities that takes place with a particular cryptocurrency blockchain unlike banks where only the owner of the account has access.
Requirements For Blockchain Application
The blockchain technology came into existence in 2008 with the introduction of the the Bitcoin Currency, from that period till now, attempts by various developers has been made to generalize the blockchain technology in order to support a wide range of applications, therefore there is a need to access the requirements applications desires from a particular blockchain technology to ensure the wide spread use of such particular blockchain by user.
The following are what are the basic of what characteristics a blockchain should have to gain wide spread us;
The following are what are the basic of what characteristics a blockchain should have to gain wide spread us;
Ability To Accommodate Large Number Of Users
For a particular blockchain technology to gain wide spread adoption, it has to have the ability to accommodate a Large number of users, the number of users a particular blockchain can accommodate should be that of tens of millions, a blockchain technology which isn't capable of holding a large capacity of users will only shrink when it has exceeded it capacity and will lead to slower transaction activities on such blockchain.
Shorter Latency
According to linfo.org
Latency is the amount of time a message takes to traverse a system
In relation computer networking, it refers to how much time it takes for a packet of data to get from one designated point to another, It is the measure of the time required for a packet of data to be returned to its sender, therefore, in other to gain wide spread use, a blockchain technology must be programmed to have short latency value and better functionality.
No Transaction/Usage Fee
A blockchain technology that is free for use will certainly and more likely to gave widespread use for application developers as well as users, that is a blockchain technology when user don't have to pay in order to enjoy the benefit of the platform as well as it services, the Steem blockchain is already achieving this with it zero transaction blockchain technology of the coming future which still adopts transaction fee will be left behind in terms of it adoption by users.
In Conclusion
The blockchain technology has truly changed not just the financial system but has all created smart ways to do other activities, it application to various aspect of human endeavor has been phenomenon, and yet with all these high praise it still has a long way to go, the blockchain technology to be build in the coming future without the above listed features will be behind in terms of market competition with other blockchain technology built with this features, this future is already upon us.
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