Block Chain Technology
Posted on : 12 Dec 2019
Views: 1131- 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
-
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:
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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