A blockchain is a decentralized and distributed digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.The first blockchain was conceptualised by Satoshi Nakamoto in 2008 and implemented the following year as a core component of the digital currency known as bitcoin, in which it serves as the public ledger for all transactions.The invention of blockchain for bitcoin made it the first digital currency to solve the double spending problem, without the use of a trusted authority or central server.The data records are recorded on ledger for validation after which a new block is added to the distributed public ledger upon validation by all computers within the network that have access to the blockchain.The validation is done via cryptography which involves solving of mathematical equation which requires a lot of computing power.Once validation is done ,the block will receive a timestamp called hash which is then used to create the next block in the chain. Incase of a change of any block,their hash will also change thus resulting to a change of other blocks in the chain thus validation must be done again by all nodes in the network which will be imposible since they don't have an incentive to work on old blocks on the chain.To make that happen,you need a high computing power.If the transaction has been validated,then we will say that a peer to peer transaction has taken place.Blockchain has the following facts
1.Blockchain is not only mainly associated with cryptocurrency for transparency but can also be useful in increasing the effectivity of state government and transparency of voting as well as reliability of banking system.
2.Blockchain is cryptographically protected.That is,due to its encryption user can make new changes in the blockchain based on personal actions.
3.Blockchain delivers a high level of transparency.That is,all entries are public.This is evidenced by blockchain bitcoin where you can see all transactions linked to bitcoin address and the amount.
4.Beside keeping the entries on transactions and fund transfers,blockchain allows to contain any information that can be digitally stored.For example,executable computer code.
5. Blockchain is a distributed database stored on multiple computers as a massive number of identical copies
6.Blockchain can not be controlled by any any single entity
7.Blockchain has no single point of failure.This is evidenced by bitcoin because since bitcoin was invented in 2008 ,its blockchain has been operating without any significant distruption.
8.It is incorruptible.That is,altering any unit of information on the blockchain would mean using a huge amount of computing power which will be very expensive.
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