block chain


What is Block chain technology?

A block chain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash (signature/address of block) of the previous block, a timestamp*, and transaction data.

*timestamp  is added for the purpose of security which play an important role in cryptocurrency mining

when this block is connected with each other in a long sequential manner this terms block chain.
Design
  • By design, a block chain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".
  • For use as a distributed ledger, a block chain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks.                                                                                                                     Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires a consensus of the network majority. 
  • Although block chain records are not unalterable, block chains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. 
  • Decentralized consensus has therefore been claimed with a block chain.

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