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, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically.
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 controlled by a bank, corporation, or government. The larger the network grows and becomes increasingly decentralized, the more secure it becomes. Blockchain technology can also be use in other application. It has gained a lot of attention in a variety of industries.
In 2008 Satoshi Nakamoto conceptualized 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 and a distributed time stamping server. A blockchain database is managed 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.