BLOCK CHAIN TECHNOLOGY

M1-R5.1 & CCC · Chapter 9: Overview of Futureskills and Cyber Security · 2 min read

BLOCK CHAIN TECHNOLOGY 

  • “The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record  not just financial transactions but virtually everything of  value.” 
  • Blockchain is in the simplest of terms, a time- stamped  series of immutable records of data that are secured and bound  to each other using Cryptographic principle. 
  • The concept of Blockchain technology was given by “Satoshi  Nakamoto” in 2008.
  • first implemented in the creation of the Crypto currency named Bitcoin. 
  • A blockchain database stores data in blocks that are linked together in a chain.

HOW BLOCK CHAIN WORKS? 

3 PILLARS OF BLOCKCHAIN  TECHNOLOGY 

1.) Decentralization :  

This is the main highlight of  crypto and block chain technology which has  no governing authority by any  organization . 

2.) Immutability : 

Each block of Blockchain is linked to  the previous block. And any modification in the content of the block  invalidates the linkage and hence the  entire Blockchain. 

3.) Transparency : 

All transactions can be transparently  viewed by either having a personal  node or using Blockchain explorers  that allow anyone to see transactions  occurring live.