Blockchain Technology | An Overview

  • Blockchain is a decentralized technology, created by Satoshi Nakamoto (an unknown person or group of people) in 2008 for the use of cryptocurrency (digital currency)


  • Blockchain works on a peer to peer network (or P2P network – computer systems which are connected to each other via the internet)


  • It is effectively a digital ledger used to record transactions


  • The list of records are known as ‘blocks’


  • Blocks are chained together using cryptography (secure information)


  • Each block includes a cryptographic hash (history of the previous block or record)


  • This distributed database allows transactions to be recorded between different parties only when permission has been given to validate the block or record


  • Blockchain creates a permanent public digital record which cannot be altered.

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