BLOCKCHAIN TECHNOLOGY
Blockchain defined: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding).
11. Blockchain Basics
• Blockchain is a system of recording information in a way
that makes it difficult or impossible to change, hack, or
cheat the system.
• A blockchain is essentially a digital ledger of transactions
that is duplicated and distributed across the entire network
of computer systems on the blockchain. Each block in the
chain contains a number of transactions, and every time a
new transaction occurs on the blockchain, a record of that
transaction is added to every participant’s ledger. The
decentralised database managed by multiple participants is
known as Distributed Ledger Technology (DLT).
• Blockchain is a type of DLT in which transactions are
recorded with an immutable cryptographic signature called
a hash.
12. The best-known applications of blockchain technology are cryptocurrencies, but there is
considerable interest in applying blockchains as a data storage method in various different
fields. Blockchains can be used to record transactions in a reliable, secure and immutable
manner. Transactions are saved to linked blocks that form a digital, encrypted ledger. Each
party or node in a blockchain maintains a copy of this immutable ledger
Blockchain Transactions