Blockchain Technology

Blockchains are blocks that are linked together using cryptography. Blockchains are shared, immutable ledgers that facilitate the process of tracking and recording transactions on a network.

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What is Blockchain Technology?

Blockchains are data structures that stores a shared ledger of transactions that are transparently allowed to be viewed among a network of participants. Blockchains use cryptographic functions to securely allow users to add transactions the ledgers autonomously without the need of a centralized authority such as a financial institution or a third-party entity.

Blocks of data are recorded or added to these ledgers that of which makes it impossible to change or maliciously tamper with. This process is known as immutability. When participants run a Bitcoin node, they download the history of transactions that have been previously added to blocks. Algorithms are used to execute and verify the transactions. Nodes(computers) on the network come to a consensus and agree that the transaction is validated. The transaction is then placed in a block and added to the particular chain.

Blockchains

The word blockchain can be used for a variety of distributed ledger technologies but all are using data structures to verify consensus processes in a democratized way. There is a plethora of different blockchains, cryptocurrencies and consensus mechanisms, designed to cater to the amount of data to be stored as well as the number of users that will be participating in the network. Bitcoin being one of the first inventions to utilize this technology is “permission less”. This allows the separation between money and state. Bitcoin is considered an “open” blockchain which is: open, public, borderless, neutral, and censorship resistant. There are open and private blockchains in existence.

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