What is blockchain? Over a series of small blog posts, I'll try to provide quick 1-minute insights into blockchain.
Blockchain is:
- Decentralized ledger or distributed ledger.
- Managed by a peer-to-peer network of nodes.
- Reduces the need for 3rd party intermediaries or middlemen.
- Linked and secured using cryptography.
- Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
- Resistant to tampering or modification of data.
- Tampering is detected and rejected as hash link is corrupted.
- Bitcoin is the first use case leveraging blockchain.
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Click here for Part 2 of 5.