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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