What is Blockchain ?
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| Blockchain Technology |
From the past few years everywhere we heard about the word blockchain networks or blockchain technology. so what was that technology what is history of blockchain, who created etc. all this information we are going to discuss.
The blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. The identity of Satoshi Nakamoto remains unknown to date. 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.
Cryptographer David Chaum first proposed a blockchain-like protocol in his 1982 dissertation "Computer Systems Established" , Maintained and Trusted by Mutually Suspicious Groups.
A blockchain originally block chain, is a growing list of records, called blocks, that are linked using cryptography Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). By design, a blockchain is resistant to modification of its data. This is because once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks.
Before diving in, it’s worth taking a few minutes to review what blockchain technology is. A blockchain is a secure, digital ledger of data, organized in blocks that are linked together sequentially (hence the name). However, blockchain technology adds some key features to this digital ledger that open the doors to some amazing capabilities.
First, it’s important to understand that each link in the blockchain is completely secure and unbreakable. Once you add a link, it cannot be changed, moved, or deleted. Second, blockchains are decentralized and distributed. Parties can share data and execute transactions, with full security, without having to rely on any central authority or service provider to act as a clearing house. Third, the data on a block can be more than a simple ledger of facts—it can contain something called a “smart contract.” Smart contracts allow you to put instructions on the blockchain for execution at a later date.
How Blockchain Technology works?
One of the famous use of Blockchain is Bitcoin. The bitcoin is a cryptocurrency and is used to exchange digital assets online. Bitcoin uses cryptographic proof instead of third-party trust for two parties to execute transactions over the internet. Each transaction protects through digital signature.
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