[Term of the Day]: Blockchain
Term of the Day
“Blockchain”
Definition — What is Blockchain?
Blockchain technology is a structure that stores transactional records, also known as the Block. This digital information ("Block") takes the form of a string of binary "bits", ones and zeros, which can be processed by computers to be made readable by humans. The blocks are stored in public databases, known as the "Chain", in a network connected through peer-to-peer nodes.
This “Chain” of transactions grows larger as new “blocks” of transactions are approved and added to it. All blockchain transactions and strong encryption algorithms ensure that no transaction can be altered once complete. Typically, this storage is referred to as a ‘digital ledger.’
Think of a database with information stored in blocks. These blocks can be copied and replicated on individual computers. All of these are identical and synced with one another. When someone adds or subtracts data, it changes the information across them all.
Satoshi Nakamoto first introduced Blockchain technology to the world in his 2008 Bitcoin Whitepaper. Blockchain is still largely confined to use in recording and storing transactions for cryptocurrencies such as Bitcoin. You may know more about Blockchain.