Tag: Blockchain

A blockchain is a growing list of records, called blocks. That are join together using cryptography. So, each block contains a cryptographic hash of the previous block, a timestamp. And transaction data (usually presented as a Merkel tree). The timestamp proves that transaction data existed when the block was released for hash. Since each block contains information about its previous block, they form a chain, reinforcing the blocks before each additional block. Therefore, blockchains are reluctant to change their data because once recorded. The data of a given block cannot be changed to the previous one without changing all the subsequent blocks.

Blockchains are typically operate by a peer-to-peer network for use as a publicly distributed register. Where nodes collectively adhere to a protocol for communicating and verifying new blocks. Although blockchain records are not irreversible because forks are possible. Blockchains may be considered protect by design and may be an example of a distributed computing system with high Byzantine fault tolerance.

Stuart Haber, WM. The blockchain popularize in 2008 by an individual (or a group of people) to act as a public transaction account for cryptocurrency bitcoin. It base on the work of Scott Sterneta and Dave Bear. The identity of Satoshi Nakamoto is still unknown. The implementation of blockchain in Bitcoin make it the first digital currency to solve the problem of double cost without the need for a trusted authority or central server. Moreover,  Bitcoin design has inspire other applications  and blockchains that are readable by the public and widely used by cryptocurrencies. Blockchain is consider as a kind of payment rail.