First, some basics. A blockchain is a digital ledger of cryptocurrency transactions. It is constantly growing as “completed” blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

A blockchain is a decentralized, distributed, and often public, digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. This allows the participants to verify and audit transactions inexpensively. A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. They are authenticated by mass collaboration powered by collective self-interests. Such a design facilitates robust workflow where participants’ uncertainty regarding data security is marginal. The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset.

Blockchains have been described as a value-exchange protocol. Blockchains are used for the recording of events and medical records. Blockchain technology has a huge potential to transform business operating models in the long term. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin,

(the above was taken from: https://www.computerworld.com/article/3193089/what-is-blockchain-and-how-does-it-work.html)

In the most basic sense, a blockchain is a digital ledger of cryptocurrency transactions. It is constantly growing as “completed” blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

A blockchain is a decentralized, distributed, and often public, digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. This allows the participants to verify and audit transactions inexpensively. A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. They are authenticated by mass collaboration powered by collective self-interests. Such a design facilitates robust workflow where participants’ uncertainty regarding data security is marginal. The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset.

Blockchains have been described as a value-exchange protocol. Blockchains are used for the recording of events and medical records. Blockchain technology has a huge potential to transform business operating models in the long term. By allowing digital information to be distributed but not

Other related questions:

Q: How is the blockchain stored?

A: The blockchain is stored on a network of computers called nodes. Each node has a copy of the blockchain, and when a new transaction is added to the blockchain, all of the nodes are updated.

Q: Who owns the computers in blockchain?

A: The computers in blockchain are owned by the network participants, who each have a copy of the blockchain.

Q: Can anyone view the blockchain?

A: Yes, the blockchain is publicly viewable.

Bibliography

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