Introduction To Blockchain

A blockchain is a tamper-evident, shared digital ledger that records transactions in a public or private peer-to-peer network. Distributed to all member nodes in the network, the ledger permanently records, in a sequential chain of cryptographic hash-linked blocks, the history of asset exchanges that take place between the peers in the network. Blockchain is a type of distributed ledger comprising of information in form of digitally recorded “Blocks”. These blocks draw upon the previous-block in the chain, ensuring all data in the overall “blockchain” has not been tampered with and remain unchanged. The basic block chain approach can be modified to incorporate rules, smart contracts, digital signatures and an array of other new tools. It can be used to store not only the digital currency but also ownership of physical assets in peer-to-peer fashion. Blockchain also has potential applications far beyond bitcoin and cryptocurrency.