Blockchain

Blockchain

What is a Blockchain

Nowadays blockchain is considered to be an undeniably ingenious invention of an individual or a group of people under name of Satoshi Nakamoto. Blockchain technology is one of the foundational concepts in most cryptocurrency systems. What the blockchain does is record a set of details that include a time, a cryptographic signature linking back to the sender and some data that can represent almost anything. In the case of Bitcoin, it is the number of bitcoins being sent but it could be a digital cryptographic signature, called a “hash”, of any electronic document.

Blockchain is constantly growing because each time block gets completed, a new block is generated. Blocks are linked to each other (like a chain) in proper linear, chronological order with every block containing a hash of the previous block. Each computer connected to the Bitcoin network using a client that performs the task of validating and relaying transactions gets a copy of the blockchain, which gets downloaded automatically upon joining the Bitcoin network. The full copy of the blockchain has records of every Bitcoin transaction ever executed.

BREAKING DOWN Blockchain

The blockchain is seen as the main technological innovation of Bitcoin, since it stands as proof of all the transactions on the network. The technology can work for almost every type of transaction involving value, including money, goods and property. Its potential uses are almost limitless: from collecting taxes to enabling migrants to send money back to family in countries where banking is difficult.

To make it clear, let’s compare ordinary banking transactions to transactions over the Bitcoin network. Banks and accounting systems use ledgers to track and timestamp transactions. The difference is that the blockchain is completely decentralized and open source. This means that people do not have to rely on or trust the central bank to keep track of the transactions. The peer-to-peer blockchain technology can keep track of all the transactions without the fear of having them erased or lost.

There is no doubt that blockchain technology will become a mainstream technology. The level of interest being shown in this technology demonstrates its potential for enabling the development of applications that will bring new approaches to old business problems. It is the social, legal and financial challenges that these changes will surface that may prove a much harder problem to solve.

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2021-12-17 • Updated

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