Blockchain is a transaction log based on digital currency. It is managed by a community, not an entity. It is currently connected to the bitcoin network, but other developers are interested in using it.
If you've followed banking, investing, or cryptocurrency over the past decade, you've probably heard of the term blockchain, the archive technology behind the bitcoin network.
- Blockchain is a special kind of database.
- This is different from the way regular data is stored. Blockchains store data in blocks that are then grouped together.
- When new data arrives, it is inserted into a new block. After filling a block with data, it is merged with the previous block, merging the data in chronological order.
- A variety of information can be stored on the blockchain, but by far the most common use is as a transaction ledger.
- With bitcoins, blockchain is used politely so that no one person or group has control, instead all users have control at once.
- Decentralized blockchains are unchangeable, which means that the data entered is unchangeable. For bitcoin, this means that the transaction is logged permanently and can be viewed by anyone.
This decentralized digital ledger provides secure records of digital currency transactions. Although blockchain was originally a way to track digital currency, the foundation of decentralized records greatly influenced the way information was stored. Companies in all sectors, from healthcare to the supply chain, are exploring the possibilities of secure, decentralized accounting systems.
Meanings of Blockchain
A system in which records of transactions in bitcoins or other cryptocurrencies are stored on multiple computers connected to the same computer network.
Sentences of Blockchain
In fact, we can look at the blockchain and see the evidence of what happened.