Basic Introduction to Cryptocurrency Blockchain
What is Blockchain?
Blockchain is an emerging technology developed as the backbone of Bitcoin and other crypto currencies, which is leading the “transparency revolution", promoting open source, and encouraging data integrity.
The first thing you need to know about blockchains is they are well, complicated. There are a lot of rules that can make or break the creation of a new group of records—called blocks—that get added to the chain.
A blockchain protects itself with powerful cryptography. What that means: previous transactions within the network can't be forged or destroyed. So the currency stays secure without depending on a central authority to keep it safe, which is what makes it decentralized in the first place.
The blockchain is a type of distributed ledger technology, first introduced to the world by Satoshi Nakamoto in his 2008 whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System“. The aim of Bitcoin was to create a digital currency that could not be controlled by any one single person or entity.
The aim of Bitcoin was to create a digital currency that could not be controlled by any one single person or entity.
Blockchain, sometimes called “distributed ledger technology," refers to a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.
What are the Properties of a Distributed Ledger Technology (DLT)
Blockchain creates a single, decentralized ledger that is distributed to all nodes in the network. A hacker would have to change every block in the chain, across all of the distributed versions of the chain — located on thousands of computers around the world — in order to corrupt it.
The blockchain is one of the most revolutionary ideas of the last decade, and it works as a public ledger of transactions that is constantly growing as more and more blocks are added to the chain. This innovative technology has started to change the lives of many people.
Why Block Chain is gaining so much popularity?
In summary, blockchain is a useful technology that can be applied in multiple industries, beyond cryptocurrency. It will be interesting to watch how different companies spur the market ahead towards overall growth and adoption.
