Difference between revisions of "Blockchain"
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| − | + | =Blockchain Defined= | |
| + | <blockquote> | ||
| + | A blockchain is a decentralized, distributed, and oftentimes public, digital ledger consisting of records called blocks that is used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks. This allows the participants to verify and audit transactions independently and relatively inexpensively. A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. They are authenticated by mass collaboration powered by collective self-interests. Such a design facilitates robust workflow where participants' uncertainty regarding data security is marginal. The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending. A blockchain has been described as a value-exchange protocol.[21] A blockchain can maintain title rights because, when properly set up to detail the exchange agreement, it provides a record that compels offer and acceptance. | ||
| + | |||
| + | -- [https://en.wikipedia.org/wiki/Blockchain Wikipedia], retrieved on 26 July 2020 | ||
| + | </blockquote> | ||
| + | |||
| + | : [https://academy.binance.com/blockchain/what-is-blockchain-technology-a-comprehensive-guide-for-beginners What is blockchain technology?] a comprehensive guide for beginners from Binance Academy | ||
| + | |||
| + | ---- | ||
| + | [[Crypto Currency|Back to Crypto Currency]] | ||
[[Category:Crypto Currency]] | [[Category:Crypto Currency]] | ||
[[Category:NFTs]] | [[Category:NFTs]] | ||
Latest revision as of 23:19, 9 August 2020
Blockchain Defined
A blockchain is a decentralized, distributed, and oftentimes public, digital ledger consisting of records called blocks that is used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks. This allows the participants to verify and audit transactions independently and relatively inexpensively. A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. They are authenticated by mass collaboration powered by collective self-interests. Such a design facilitates robust workflow where participants' uncertainty regarding data security is marginal. The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending. A blockchain has been described as a value-exchange protocol.[21] A blockchain can maintain title rights because, when properly set up to detail the exchange agreement, it provides a record that compels offer and acceptance.
-- Wikipedia, retrieved on 26 July 2020
- What is blockchain technology? a comprehensive guide for beginners from Binance Academy
Back to Crypto Currency
