Top Forex Brokers – You may often hear about blockchain, but you are still confused about it. What is blockchain ? Blockchain in a general sense is an open distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Open and transparent recording of transactions that can be seen by any person or interested party in detail without being covered up.
To use it as a distributed ledger, blockchain is usually managed by a peer-to-peer network collectively by following a specific protocol for communication between nodes and confirming new blocks.
Once recorded, the data in a block cannot be changed retroactively without changes to the following blocks, which requires consensus from the majority of the network. By design, the blockchain is immune to data modification.
For businesses, blockchain holds transactional transparency capabilities. The ability to create a secure, real-time communication network with partners around the world to support everything from supply chains to payment networks to real estate offerings and health care data sharing.
Is blockchain secure ? many of you may ask this problem, Blockchain technology accounts for the issues of security and trust. New blocks are always stored linearly and chronologically. That is, they are always added to the “end” of the blockchain. After a block has been added to the end of the blockchain, it is very difficult to go back and alter the contents of the block. That’s because each block contains its own hash, along with the hash of the block before it. This will make it difficult for a hacker to hack the blockchain network. If that information is edited in any way, the hash code changes as well.
Blockchain is suitable for recording events, medical records, and other record or record management activities, such as identity management, transaction processing, evidence documentation, and voting or voting. Blockchain was first conceptualized by a person or group of people known as Satoshi Nakamoto in 2008. Then implemented in 2009 by Nakamoto as a bitcoin core component (bitcoin core), which functions as a public ledger for all transactions that take place on the network.