Most commonly known as the technology behind Bitcoin, blockchain is an anonymous public distributed ledger of digital events. It constantly grows as “completed” blocks are added to it with a new set of records.
The blocks each contain a timestamp and other transaction data. Each block is added to the blockchain in a linear, chronological order with a link to the previous block.
Each node (i.e. computer connected to the relevant network) receives a copy of the blockchain, which is downloaded automatically upon joining.
The blockchain has complete information about the recordings from the original block to the most recently completed block. The ledger is not under any single control and operates by consensus.
As the blockchain is managed by peer-to-peer networks and always contains a timestamp, a blockchain is extremely secure and unchangeable by design. The record kept on a block is therefore almost permanent by nature as a change in data in a block would require consensus of the network. Read more from lexology.com…
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