A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.
The blockchain is perhaps the main technological innovation of Bitcoin. Bitcoin isn’t regulated by a central authority. Instead, its users dictate and validate transactions when one person pays another for goods or services, eliminating the need for a third party to process or store payments. The completed transaction is publicly recorded into blocks and eventually into the blockchain, where it’s verified and relayed by other Bitcoin users. On average, a new block is appended to the blockchain every 10 minutes, through mining.
Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in a system. Upon joining the network, each connected computer receives a copy of the blockchain, which has records, and stands as proof of, every transaction ever executed.
Blockchain technology is one of the world’s leading platform for managing digital assets. Blockchain is considered to be one of the pioneers in moving the world to a cashless economy. Blockchain technology also maintains records of the bitcoin transactions that were made in a sequential manner. Get to know the nuances of blockchain and leverage it to your advantage for assured growth and improved efficiency. Some of the leading industry experts use Blockchain for creating various platforms to make banking more efficient. Not just banking, blockchain can be used across various platforms where transactions happen
Blockchain provides a way for two parties to make a secure transaction on a decentralized public network. It is an immutable, distributed and transparent ledger that cannot be altered in any way once it is written. This means that once the data is stored on the blockchain’s distributed peer-to-peer network, its authenticity cannot be brought into question and its value can be verified at any point throughout the network.
A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Hence, by design a blockchain is resistant to modification of the data.
The Blockchain use case has ramifications far beyond the financial sector not only recording transactions. However the technology first used for recording bit coin transactions and invented by Satoshi Nakamoto in 2008 to serve as the public transaction ledger.