Block chain is the digital, distributed, and decentralized ledger underlying most virtual currencies that's responsible for logging all transactions without the need for a financial intermediary, such as a bank. In other words, it's a new means of transmitting funds and logging information.

The most important features of block chain technology are :
1. Security:
Block chain technology has a better security because there is not even a single chance of shutting down of the system.
2.Block chain as a data structure:
A block chain is a growing record of data, compiled as virtual blocks.

Each block is visible to every member of the network, ensuring trust between parties. Because a block chain has no borders, it allows for secure collaboration between parties sharing any kind of transaction. As a result of these traits, the block chain has limitless potential in all kinds of applications. The data is to be stored on a distributed network in encrypted form. Hence, offers security and privacy of user's data. Transparency of the data is yet another benefit of block chain technology.
Block chain is essential because it allows us to own digital goods, assets, and data.