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Blockchain — A Decentralized Solution

A Blockchain is a distributed digital ledger that is completely open to anyone who uses Cryptocurrency such as Bitcoin and Altcoins. In simple words, Blockchain is a chain of blocks that stores information. The Blockchain is the brainchild of a person or a group of people known by a pseudonym, Satoshi Nakamoto. It was first introduced by Satoshi Nakamoto in the year 2008. The Blockchain was suggested by the group of researchers back in 1991 in a form of Digital Timestamps. The technology was left unused until Satoshi Nakamoto built Bitcoin (a digital Cryptocurrency) using the Blockchain technology.<br>

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Blockchain — A Decentralized Solution

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  1. Blockchain — A Blockchain — A Decentralized Solution Decentralized Solution

  2. ❏ ❏ A Blockchain is a distributed digital ledger that is completely open to anyone who uses Cryptocurrency such as Bitcoin and Altcoins. In simple words, Blockchain is a chain of blocks that stores information. The Blockchain is the brainchild of a person or a group of people known by a pseudonym, Satoshi Nakamoto. It was first introduced by Satoshi Nakamoto in the year 2008. The Blockchain was suggested by the group of researchers back in 1991 in a form of Digital Timestamps. The technology was left unused until Satoshi Nakamoto built Bitcoin (a digital Cryptocurrency) using the Blockchain technology.

  3. A Hash is as unique as a Biometric Scan i.e., a fingerprint. The hash identifies a block and its contents. Hashes are useful in detecting the changes that are made to the block and if a person changes something inside the block, then the hash will change as well. This technique effectively results in creating a chain of blocks and this is the reason why Blockchains are so secure.Blockchain has a hashing algorithm called Proof of Work which helps to slow down the creation of new blocks. This hashing algorithm or consensus method takes a required amount of time to calculate the required proof of work and add a new block to the Blockchain. The PoW mechanism makes it very hard to tamper with the blocks. The Blockchain has top notch security because of the creative use of hashing and the Proof of Work mechanism.

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