THE BLOCKCHAIN
A block chain is an ever increasing list of records, just like the name block chain; blocks linked together by a chain. These links make use of cryptography, and we already know from the previous articles on this topic, that cryptocurrency are secured through the use of cryptography.
A block chain, can either be public or private, and cryptocurrencies makes use of the public block chain. A public block chain is so called public or open when anyone can become part of the network, without conditions or admissions.
Private block chain is the reverse, it is closed and the members are selected before being able to use or become a member of the network. The system is centralized, and it defeats the idea of decentralization, which cryptocurrencies operate on.
Each block on a block chain contains a cryptographic signature of the previous block. What do I mean by signature?
It contains the previous block cryptographic hash and transaction data and timestamp. This makes the block chin resistant to modification or fraud.
It is an open ledger keeping history of the transactions happening in the system, but without modification. It is open, meaning anybody on the block can view your data, but can’t do anything about it. If by chance a block is modified or altered, the block will be rendered useless, and an original block of the modified version will be replaced, thanks to the blocks in the block chain that has its information and signature.
Through block chain records are not unaltered, block chains may be considered secure by design and exemplify a distributed computing system with high byzantine fault tolerance. Decentralized consensus has therefore been claimed with a block chain. Block chain was invented by Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.source
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