Blockchain, the technology that underpins bitcoin, is a record of all transactions across a network. It's decentralized, meaning no one person or company owns it — it's shared by everyone on the network.
Blockchain is an open ledger that anyone can see and add to. This makes it resistant to corruption and hacking.
Each block in the chain contains a hash of the previous block and timestamp, so you can see at a glance how far back in time each transaction is. This means each block has a unique address, which can be used to identify it again on future blocks.
Here are four ways blockchain could change your life:
1 - Making your identity more secure
2 - Making payments faster and more secure
3 - Helping companies get paid for their work
4 - Making sure you're always paid what you're owed
Blockchain is a decentralized database that records transactions in a chronological and permanent format. A blockchain database can be managed autonomously, with no central oversight, while digital assets and peer-to-peer payments are facilitated.
A blockchain database is distributed across many nodes and it requires an individual node to authenticate the data, which has the potential to make hacking nearly impossible. It also ensures accuracy since there is no centralized server.
The first blockchain was conceptualized in 1991 by Satoshi Nakamoto, a pseudonym for an unknown person or group of people who designed bitcoin and created its original software.
Blockchain is a distributed ledger that stores information about financial transactions. It is a data structure for logging and tracking the history of digital assets (e.g., currency, property, loyalty points, etc.) — from issuance to exchange.
Blockchain technology creates an immutable record of transactions that can be programmed to record finality and prevent fraud, as well as provide decentralized control over the creation and transfer of value.
The blockchain concept was originally proposed in 2008 by Satoshi Nakamoto with the release of his white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” [1]. Since then, thousands of cryptocurrencies have been created using distributed ledger technology.
