Blockchain Technology | An Overview

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  • 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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