Blockchain technology is a growing list of records, called blocks, that are linked using encryption. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (usually represented as a Merkle tree).
By design, the blockchain can resist data modification. It is “an open, distributed ledger that effectively records transactions between two parties in a verifiable and permanent manner.
Is Blockchain A New Internet?
The blockchain is an undeniably ingenious invention. The brainchild of a person or group of people known by the pseudonym Satoshi Nakamoto. But since then, it has evolved into something bigger. The main question everyone is asking is: What is a blockchain?
Blockchain technology has created the backbone of the new Internet by allowing digital information to be distributed without copying digital information. The technical community originally designed for digital currency bitcoin (buying bitcoin) has now discovered other potential uses of the technology.
In this guide, we will explain to you what this technology is and what its characteristics make it so unique. So, we hope you like this and what is the blockchain guide. If you already know what the blockchain is and want to be a blockchain developer, check out our in-depth blockchain tutorial and create your first blockchain.
What is blockchain technology?
In the simplest terms, a blockchain is an immutable data record of a timestamped series managed by a cluster of computers that are not owned by any single entity. Each of these data blocks is protected and bound to each other using a cryptographic principle (ie, a chain).
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” – Don & Alex Tapscott.
So, what is special about it, why do we say it has industry destructive power?
The blockchain network has no central authority – it is the definition of a democratization system. Since it is a shared and immutable ledger, the information is visible to anyone and everyone. Therefore, everything built on the blockchain is transparent, and everyone involved is responsible for their actions.