What is the blockchain?
- Blockchain technology is a distributed database that allows users to store data online without any central authority. This means that no single entity has control over the information stored on the network.
2. A blockchain is a continuously growing list of records (blocks) linked together using cryptography. Each block typically contains a timestamp and link to a previous block (the hash of the block's header).
3. The blocks are secured through cryptography, creating tamper-proof ledgers that can not be altered retroactively.
4. Because the blockchain is decentralized, it provides a way to record transactions between two parties efficiently and in a verifiable manner.
5. The blockchain was invented by Satoshi Nakamoto in 2008.
6. In its earliest form, the blockchain was used to track ownership of digital currency. Since then, many industries have integrated the technology into their business models.