How dependable is the blockchain technology?

The blockchain is a technology where trust, dependability, transparency is embedded into the features of this technology itself which makes it popular. The emergence of this technology was in 2008 during the financial crises. The central banks that were a trusted parties and custodians of the financial system made some bad investments decisions and people lost trust in a centralized party. I think you agree with me, right? This gave rise to a demand for a technology which eliminates the need for a central party. Now, let us understand why it is dependable. 

Transparent and non-corruptible

Digital transactions can easily be hacked, corrupted, duplicated, edited, etc, as it is just a combination of zeros and ones. A trusted third-party involvement is necessary to stop this, isn’t it? But as discussed earlier, this is could be better, so what if we have many trusted parties instead of just one central third party. When a digital transaction takes place, an entry is made into the ledger and the ledger is distributed to many people. Since many people have the same ledger it becomes difficult to cheat, change, duplicate influence or compromise it. This distributed ledger works wonders as everyone is holding a copy of the same digital ledger. The digital ledger is a self-auditing system where it checks the entries and reconciles the entries made every few minutes. A single group of these transactions can be referred to as a “block”.

Another reason why it is difficult to corrupt the ledger is “the requirements of huge computing power”. We earlier discussed “many trusted third parties”. These people are called “miners”. A digital transaction is verified by miners before it is added to the block to execute and complete the transaction.

Source - https://richtopia.com/emerging-technologies/four-pillars-blockchain-technology-part-1

These miners have to solve complex mathematical equations in order to verify the transactions and they are rewarded in return. So, in order to corrupt the ledger, one has to corrupt the ledgers with a majority of the trusted parties. This would need a huge amount of computing power to override the entire network.