Blockchain is basically a verification system of all cryptocurrency transactions. It is a constantly growing chain of blocks, which are linked and secured by cryptography, digitizing, coding and inserting any document into the blockchain. Each of these blocks contains a cryptographic hash of the previous block, a timestamp and transaction data. A distinct feature of the trend is that it is resistant to data modification and is immune against hackers. To hack yourself into a specific block, one has to hack all initial and following blocks on every ledger in the network, which could add up to several millions. In addition, it allows market participants to keep track of digital currency transactions without central record keeping. Initially, the blockchain was the accounting method for one of many cryptocurrencies, Bitcoin, but is now used in a variety of commercial applications.
A block is the part, that records some or all of the recent transactions. Once the recording of a data or transaction is complete, a block joins the blockchain as a permanent database and subsequently a new block is created. Blockchain allows suppliers and consumers to connect directly, sending money from A to B without a third party such as a bank.
(For further information on blockchain go to next page "Blockchain In Detail")
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