Understanding Blockchain Technology: What Is It?
Although blockchain technology can sound confusing at first, it is actually pretty simple to get to grips with. Ultimately, it is a list of public records, also known as a public ledger, where transactions between parties are listed or stored. Each record, known as a ‘block’ within blockchain terminology, is secured using cryptography.
One of the most crucial aspects of blockchain technology is that data is decentralized, with information shared across a peer-to-peer network. Each block contains transaction information and a time stamp. Blocks are also permanent and cannot be altered without consensus from the entire network and without altering all subsequent blocks.
The decentralized, permanent, time-stamped and unalterable nature of the data recorded in the blockchain means that data is more secure, traceable and transparent. After all, there is no central point of vulnerability or failure, and the data itself is resistant to modification and unwanted tampering. Read More.