A blockchain is a growing list of records, called blocks , which are linked using cryptography. Each block contains a cryptographics hash of the previous block a timestamp and transaction data.
By design a block chain is resistant to modification of the data . It is an open distributed ledger that can record transaction between two parties effectively and in a verifiable and permanent way by allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet.
A Blockchain is in the simplest of teems, a time stampted series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these block of data are secured and bound to each other by using cryptographic principles.
The blockchain network has no centeral authority,since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence anything that is built on the blockchain is by its very nature transparent and everyone involve is accountable for their action.
A blockchain caries no transaction cost. The blockchain is simple yet ingenious way of passing information from A to B in fully automated and safe manner one party to a transaction initiated the process by creating a blocks. This block is verified by thousand, perhaps millions of computers distributed around the net. The verified block is added to a chain, which is stored across the net creating not just a unique record, but a unique record with a unique history.
Falsifying a single record would maen falsify the entire chain in millions of instance. That is virtually impossible.
Information held on a blockchain exists as a shared and continuously reconciled database.
This is a way of using the network that has obvious benefits. The Blockchain database is not stored in any single location, the records it kept are truly public.
No centralized version of this information exist for a hacker to corrupt. Hosted by millions of computer simultaneously, its data is accessible to anyone on the internet.
Four Unique features of Block Chain Technology :-
- It is not owned by a single entity, so it is decentralized.
- Data is cryptographically stored inside.
- The block chain is immutable , so no can tamper with the data that is in the block chain.
- The Block Chain is transparent so everyone can track the data if they want to do so.
Author Bio
Thank you. It would help a layman further if the author could give a few practical examples of the applications of Blockchain technology, and how it could be accessed by people.