A blockchain is just a record, a ledger of all bitcoin transactions that has ever taken place.
In the blockchain, a copy of the ledger file is shared between thousands of participants globally, also called miners. Even you can become a miner by simply downloading the open source bitcoin software. Learn about Blockchain Application Development for you business growth.
Why is it called blockchain?
Imagine a physical ledger we used to maintain accounting records before computers. It used to a register. At the end of a fixed period, for example, a day, an accountant would typically check all the records, note the balances and then sign at the end of the page. This would mean that transactions till this page are now fixed and no new entries can be made in the past.
Similarly, in the blockchain, this period is fixed at around 10 minutes. Miners collect all the bitcoin transactions globally executed in the last 10 minutes. They then record it together and this is called a block.
In our physical ledger example above, each page is linked with the previous page with running totals. Similarly in the blockchain, each block is also linked with the previous block. Hence, it is said to be a chain of blocks and hence the name, blockchain technology.
administrator because it is based on a network of thousands of computers who share their capacity (“P2P” or “peer-to-peer”). Older people might remember Napster which was based on the same principle. This means diversified risk, because the system can not “crash” or be “down” by design, there is simply no single point of failure for hackers. Until now no blockchain has been hacked: The Bitcoin blockchain is happily alive since 8 years and holds 40 billion USD very safely.
Everybody can write to the database without registration. Security is granted by self generated passwords (“private keys”). Again: There is no central admin or company.
Data is only appended, it can not be changed afterwards. Every record is encrypted.
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