Blockchain

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Blockchain is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

blockchain

What It Is

A blockchain is a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles. By design, a blockchain is resistant to modification of the data.

How It Helps

Blockchain technology provides Decentralization, Transparency and Immutabilty which was never offered before.

  • Decentralization: The information is not stored by one single entity. In fact, everyone in the network owns the information.
  • Transparency: While a person’s real identity is secure, you will still see all the transactions that were done by their public address.
  • Immutability: Once something has been entered into the blockchain, it cannot be tampered with.

What Is The Scope

Blockchains are global networks that can have millions of users, each adding information/data which is secured through cryptography. This creates an indisputable history of these transactions that cannot be modified by a single user, eliminating opportunities for fraud, and it is this feature that has some heralding blockchain as a way of increasing cybersecurity.