( 17th July 2019 )
Blockchain is a Distributed Ledger Technology (DLT) that was invented to support the Bitcoin cryptocurrency. Bitcoin was motivated by an extreme rejection of government-guaranteed money and bank-controlled payments. The developer of Bitcoin, Satoshi Nakamoto envisioned people spending money without friction, intermediaries, regulation or the need to know or trust other parties. Technically, the original blockchain is separable from Bitcoin, but we will show that the blockchain design is so specific to Bitcoin that it's not a good fit for much else. The central problem in electronic cash is Double Spend. Because pure electronic money is just data, nothing stops a currency holder from trying to spend it twice. Blockchain solves the Double Spend problem without a digital reserve fund or similar form of umpire. Blockchain monitors and verifies Bitcoin transactions by calling upon a decentralized network of volunteer-run nodes to, in effect, vote on the order in which transactions occur. The network's algorithm ensures that each transaction is unique.
A Blockchain is a creating summary of records, called blocks, which are connected using cryptography. Each block contains a cryptographic hash of the past block, a timestamp, and exchange information (generally addressed as a Merkle tree).
A Blockchain is a digital, public ledger that records online transactions. Blockchain is the core technology for Crypto Currencies like Bitcoin. A Blockchain guarantees the honesty of a cryptocurrency by encrypting, validating, and for all time recording transactions A Blockchain is like a bank's record, however open and available to everybody who uses the digital currency is supported.
The Blockchain record gives straightforwardness for transactions. Although many Bitcoin transactions are in some ways anonymous, the Blockchain ledger can link individuals and companies to Bitcoin purchases and ownership by allowing individual parties, called miners, to process payments and verify transactions. Rather than a central company directing over the use of Bitcoin, these Blockchain originators serve central roles in the management and administration of this alternative currency system.
Blockchain is a type of distributed ledger for maintaining a permanent and sealed record of transactional data. A Blockchain works as a decentralized database that is managed by computers belonging to a peer-to-peer (P2P) network. Every one of the PCs in the distributed network keeps up a duplicate of the record to prevent a single point of failure (SPOF) and all duplicates are refreshed and validated simultaneously. In the past, Blockchain were commonly associated with digital currencies such as Bitcoin, or alternate versions of Bitcoin like Bitcoin Cash. Today, Blockchain applications are being explored in many industries as a secure and cost-effective way to create and manage a distributed database and maintain records for digital transactions of all types.
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