A blockchain is a digital ledger of all 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.
The blockchain is an essential part of the cryptocurrency Bitcoin. Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Other related questions:
Q: When a record is on a block chain who can access it?
A: There is no one definitive answer to this question – it depends on the particular block chain in question and how it is configured. Generally speaking, anyone with access to the block chain can view the contents of any given block. However, some block chains may have restrictions in place that limit who can view or modify certain records.
Q: What does blockchain mean in real estate?
A: In real estate, blockchain is a distributed database that allows for secure, transparent and tamper-proof record-keeping of transactions. This could potentially revolutionize the way property ownership and transactions are recorded and managed, making the process more efficient, secure and cost-effective.
Q: Can I put my house on the blockchain?
A: Yes, you can put your house on the blockchain.
Q: What is a ledger on blockchain?
A: A ledger is a record of all the transactions that have taken place on a blockchain. It is constantly growing as “completed” blocks are added to it with each new transaction. Each node in a blockchain network has a copy of the ledger and all transactions are verified by the nodes before they are added to the ledger.
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