About IT ‘ Blockchain ‘
A blockchain,originally block chain is a distributed database that is used to maintain a continuously growing list of records, called blocks.
Each block contains a timestamp and a link to a previous block.
A blockchain is typically managed 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.
Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.
Functionally, a block-chain 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.-Justplay
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 block-chains potentially suitable for the recording of events, medical records,
and other records management activities, identity management,transaction processing, and documenting provenance.
The first block-chain was conceptualised by Satoshi Nakamoto in 2008 and implemented the following year as a core component of the digital currency bitcoin, where it serves as the public ledger for all transactions.
The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem, without the use of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
A blockchain facilitates secure online transactions.
A block-chain is a decentralized and distributed digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.
This allows the participants to verify and audit transactions inexpensively.
They are authenticated by mass collaboration powered by collective self-interests.
The result is a robust workflow where participants’ uncertainty regarding data security is marginal.
The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset.
It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending.
Blockchains have been described as a value-exchange protocol.
This blockchain-based exchange of value can be completed more quickly, more safely and more cheaply than with traditional systems.
A blockchain can assign title rights because it provides a record that compels offer and acceptance.