A blockchain is a public ledger of all bitcoin transactions that have ever been executed. A block is the “current” part of a blockchain which records some or all of the recent transactions, and once completed, goes into the blockchain as permanent database. Each time a block gets completed, a new block is generated. Blocks are linked to each other (like a chain) in proper linear, chronological order with every block containing a hash of the previous block. To use conventional banking as an analogy, the blockchain is like a full history of banking transactions
SELF-REGULATING
The Blockchain is self-regulating. This means that, unlike other systems, there doesn’t need to be a third-party to verify transactions over the network.
DECENTRALIZED
The Blockchain is decentralized, meaning that no single entity has can control the network. This makes applications, such as bitcoin, able to function without a governing body and still be able to have the trust of its users.
SECURE
The Blockchain is secure by nature. It has a high Byzantine-Fault tolerance and requires immense computational power for an attacker to corrupt.
BITCOIN
The Blockchain got brought into the spotlight by its most well-known application, the cryptocurrency bitcoin. However, the applications for this technology outside of bitcoin, such as in smart contracts, are endless.
BLOCKCHAIN VIDEOS
I did research over the Blockchain, the technology behind the phenomenon of bitcoin. I had the privilege to present to a group of developers located in Bartlesville, Oklahoma about my research. Check out the videos below for the presenation!