CryptDate: 08012017 Cryptolog #2
What is a 'Blockchain' A blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as 'completed' blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.
Blockchain Definition | Investopedia
www.investopedia.com/terms/b/blockchain.asp
Bitcoin is a digital currency that is being used increasingly all over the world since its inception in 2009. In the years since, many other assets and forms of blockchain technology have been developed.
The blockchain is seen as the main technological innovation of Bitcoin, since it stands as proof of all the transactions on the network. 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. There is a countless number of such blocks in the blockchain. So are the blocks randomly placed in a blockchain? No, they are linked to each other (like a chain) in proper linear, chronological order with every block containing a hash of the previous block.
A block represents the ‘present’ and contains information about its past and future. Each time a block is completed it becomes part of the past and gives way to a new block in the blockchain. The completed block is a permanent record of transactions in the past and the new transactions are recorded in the current one. This way the whole system works in a cycle and data gets permanently stored. Each block comprises records of some or all recent transactions, and a reference to the block that preceded it.
Read more: Block (Bitcoin Block) Definition | Investopediahttp://www.investopedia.com/terms/b/block-bitcoin-block.asp#ixzz4oX5mfrwp
Read more: Blockchain Definition
Investopedia http://www.investopedia.com/terms/b/blockchain.asp#ixzz4oX4KDo3R
