What is Blockchain?

Blockchain Technology

Blockchain technology is a digital ledger in which transactions made in bitcoin. It is a database that is use to maintain a continuously growing list of records. Each block contains a time stamp and a link to a previous block.

It is typically manage by a peer-to-peer network collectively adhering to a protocol for validating new blocks. By design, blockchains are inherently resistant to modification of the data. The data in any given block cannot be change retroactively without the alteration of all subsequent blocks. A collusion of the network majority. It can serve as “an open ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.


What is blockchain technology?

The Bitcoin Network is the first successful implementation of blockchain technology. The term “blockchain technology” typically refers to the transparent, trust less, publicly accessible ledger. It that allows us to securely transfer the ownership of units of value using public key encryption and proof of work methods.

The technology uses decentralize consensus to maintain the network. It is not centrally maintain by a bank, corporation, or government. The larger the network grows and becomes increasingly decentralize, the more secure it becomes. Blockchain technology can also be use in other application. It has gain a lot of attention in a variety of industries.

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In 2008 Satoshi Nakamoto conceptualize the first blockchain. The following year it has been the core component of the digital currency bitcoin. It serves as the public ledger for all transactions. Through the use of a peer-to-peer network. A blockchain database is manage autonomously. The use of the blockchain for bitcoin made it the first digital currency to solve the double spending problem. The bitcoin design has been the inspiration for other applications. Source.

History

The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta. They wanted to implement a system where document timestamps could not be tampered with. In 1992, Bayer, Haber and Stornetta incorporated Merkle trees to the design, which improved its efficiency by allowing several document certificates to be collected into one block.

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