What is BlockChain Technology?

What is BlockChain Technology? Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (1st block which is in green colour) to the current block. Orphan blocks (purple blocks) exist outside of the main chain.

What is BlockChain Technology

A blockchain originally block chain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data.

By design, a blockchain is inherently resistant to modification of the data. It is “an open/public, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”.For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Since every block contains previous blocks hash, Once block is recorded in block chain network, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability or voting.

Blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, as its public transaction ledger. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.