What is the blockchain?
- A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
- Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data.
- By design, blockchains are inherently resistant to modification of the data.
- A blockchain can serve as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
- A blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks.
- 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.
- Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance.
- Decentralized consensus has therefore been achieved with a blockchain.
- 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.
"Blockchains are unique in that they are software that can directly enact real world consequences"
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.
- centralized Infrastructure
- decentralized Infrastructure
Blockchain - The new technology of trust
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