[1.1] Blockchain 101: What

What is the blockchain?

  1. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
     
  2. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. 
     
  3. By design, blockchains are inherently resistant to modification of the data. 
     
  4. A blockchain can serve as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
     
  5. A blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. 
     
  6. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which needs a collusion of the network majority.
     
  7. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. 
     
  8. Decentralized consensus has therefore been achieved with a blockchain.
     
  9. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, or food traceability.

https://en.wikipedia.org/wiki/Blockchain

"Blockchains are unique in that they are software that can directly enact real world consequences" 
- @technocrypto

TRUST between individuals is normal via everyday Text, Video, Photos. When it comes to money the TRUST is handled by third parties.Money, Goods, Property, Work, Votes. Creating a record of authenticity that can be verified by a public community.The basis of what Bitcoin was built on top of.

Blockchain in its purest essence is a distributed database, containing digital data. Users may access, inspect, or add to the data, but cannot change or delete it, making it tamper-proof. The original information remains as it is, leaving behind a trail, or a chain of transactions. Any single transaction would be a “block” in a never-ending chain, with the chain distributed across the internet, outside the control of anybody. Businesses leveraging block chains have an easier and safer mechanism to conduct transactions.

Keywords:

  • ledgers
  • intermediaries
  • block
  • chain
  • tamperable
  • centralized Infrastructure
  • decentralized Infrastructure
  • immutable
  • distributed
  • fintech
  • cryptography
  • timestamp
  • hash
  • consensus
  • transaction

Reference Articles:

Blockchain - The new technology of trust

http://www.goldmansachs.com/our-thinking/pages/blockchain/

WTF is The Blockchain?
The ultimate 3500-word guide in plain English to understand Blockchain.

https://hackernoon.com/wtf-is-the-blockchain-1da89ba19348

Blockchain Technologies
Distributed Ledgers and Blockchain Technology

http://www.blockchaintechnologies.com/

A Beginner's Guide to Blockchain Technology

https://www.coindesk.com/information/


Request Content:

Name *
Name