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Block Chain Technology

Posted on : 12 Dec 2019

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  • The block chain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
  • A block in the Block chain is nothing but just a list of records. When these lists are joined with each other, they are known as Blockchain. For e.g. – an organization has 100 ledger books the combination of which is known as Blockchain and a single ledger would be known as a block.
  • Every block in this online ledger mainly consists of a hash pointer which acts as a link to the block which is previous to it, transaction data and in fact a stamp of time.
  • Is it not possible to modify the data once it is written in a block. In case any customization is required, the organization simply has to remove the information from all other blocks too.
  • It is because of this reason that data must be given the extreme care of while using this method.
  • The common types of records that can be kept on blockchains are:
    1. Records of medical transactions
    2. Identity management
    3. Transaction processing
    4. Events related to organizations,
    5. Management activities
    6. Documentation
  • The successful first digital implementation of blockchain was in 2008, with the publication of a whitepaper by an anonymous developer, nicknamed Satoshi Nakamoto, in which the idea of blockchain-mediated cryptocurrency, known as bitcoin, was first proposed.
  • Bitcoin can be thought of as digital cash. Bitcoin only exists online and therefore, its exchange needs to be recorded digitally.
  • Blockchain essentially acts as a digital ledger to record all transactions happening between the peers online and provides a secure and decentralised record for all of the exchanges.

Article Related Questions

  1. Which of the following statements are true about ‘blockchain’ technology?
    1.The blockchain is an incorruptible digital ledger that is programmed to record only financial transactions.
    2.Hash pointer acts as a link between blocks.
    3.Bitcoin is a blockchain-mediated cryptocurrency, which exists only online.
    Choose the correct answer:

  2. 1.1 only

    2.1 and 2 only

    3.2 and 3 only

    4.1, 2 and 3

    Right Ans : 2 and 3 only

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