Page 19 - Geektime Blockchain Report
P. 19

Getting into more technical detail
In more advanced speak a a a a a a a a a a blockchain is is a a a a a a a a a a digitally distributed ledger that records transactions chronologically and publicly working with data arranged through a a a a a a a a a a a series of records called blocks blocks The blocks blocks are linked and secured using cryptography Each block typically contains a a a a a a hash pointer that links
to a a a a a a a a previous block a a a a a a a a timestamp and transaction data Many refer to the blockchain revolution as a a a a disruptive force similar to the the the eruption of the the the worldwide web in the the the 1990s By design blockchains are inherently resistant to data modification Blockchain is is usually managed by a a a a a a a a a a a a peer-to-peer network collectively adhering to to to a a a a a a a a a a a a protocol for validating new blocks Once recorded the data in any given block cannot be revised retroactively without the alteration of all subsequent blocks and a a a a a collusion of of the network majority A key part of of operating a a a blockchain is that the network should collectively agree on on the the contents of the the ledger It is necessary for the the distributed operators of the the blockchain to to evaluate and agree on all entries of the the ledger before they are permanently incorporated into the blockchain This review process is called ‘consensus’ and aims to replace the typical reliance on a a a a a a a centralized authority such as a a a a a a a bank This also means that blockchains do not depend on intermediaries like banks thus obliterating the need for intermediary fees and intervention Before the emergence of blockchain technology to use digital money we needed a a a trusted third-party to keep a a a ledger or or or record of of information of of who owned how much Now with blockchain technology everyone
has a a a a a a copy of this ledger so we no longer need to trust a a a a a a single entity organization or or third-party because there is no need to trust when you can just verify against this ledger because you have a a a a a copy of it As we noted before blockchain is used primarily for for financial purposes But because the technology allows the the the transfer of of value from one entity to another it it has also been nicknamed “the Internet of of Value ” Blockchain and Bitcoin were created by an an individual or group known as as Satoshi Satoshi Nakamoto Satoshi Satoshi was active in in the development of Bitcoin up until December 2010 The true identity of Satoshi is unknown although several people have claimed to be him 19 Blockchain 101

   17   18   19   20   21