a detailed definition of blockchain

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Blockchain A system for recording information in a way that makes the information difficult to hack or cheat. A blockchain is essentially a digital record of transactions that can be duplicated and distributed to all the computers in the network.


What is a simple definition of blockchain?

Blockchain defined: Blockchain It is a shared, immutable and shared ledger that allows for the recording of transactions and tracking of assets within a business network. A property can be either tangible (a house or car, cash, land, etc.) or intangible (intellectual properties, patents, copyrights and branding).


How do you explain blockchain in plain English?

In short: Blockchain It is a digital and distributed ledger of data which continuously adds information in chronological sequence. Once data is added to the chain, it becomes immutable. This is due to Hash (digital fingerprint), which is assigned to each block. If transactions in the block get altered, the Hash of that block will be changed.


What is the main purpose of blockchain?

Blockchain’s goal is to enable digital information to be recorded, distributed and edited. A blockchain, which is the foundation for immutable ledgers (or records of transactions that cannot change, delete, or be destroyed), can help to ensure that digital information can be recorded and distributed.


What is blockchain technology briefly explain how it works?

Blockchain It is a record-keeping system that makes it impossible to hack or forge data on the system. This makes it immutable and secure. It is a form of distributed ledger tech (DLT), which is a digital system that records transactions and other related data at multiple locations simultaneously.


How do you explain blockchain to a child?


Why is it called blockchain?

It is called what?“Blockchain? Blockchain Its name is a result of how it works and the way it stores data. The information is stored in blocks that link together to create a chain.


How would you describe blockchain in one sentence?

David Schatsky, managing director at Deloitte: “A blockchain is a digital and distributed ledger of transactions or decentralized database that keeps continuously updated digital records in real-time across a network of computers.


Who invented blockchain?

Blockchain It has the potential to become a global record-keeping system’s foundation, but it was launched only 10 years ago. It was created in secret by unknown individuals behind the online cash currency bitcoin, under Satoshi Nagamoto’s pseudonym.


What are different types of blockchain?

Public blockchain. A public or permission-less blockchain network allows anyone to participate without restrictions. … Private or permissioned blockchain. … Federated or Consortium blockchain.


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