Blockchain
- A digital database or ledger that is distributed among the nodes of a peer-to-peer network.
- A blockchain is a distributed database or ledger shared among a computer network's nodes.
- They are best known for their crucial role in cryptocurrency systems for maintaining a secure and decentralized record of transactions, but they are not limited to cryptocurrency uses.
- Blockchains can be used to make data in any industry immutable—the term used to describe the inability to be altered.
- Because there is no way to change a block, the only trust needed is at the point where a user or program enters data.
- This aspect reduces the need for trusted third parties, which are usually auditors or other humans that add costs and make mistakes.
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Since Bitcoin's introduction in 2009, blockchain uses have exploded via the creation of various:
- Cryptocurrencies,
- Decentralized Finance (DeFi) Applications,
- Non-fungible Tokens (NFTs), and
- Smart Contracts.
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Blockchain can be used to immutably record any number of data points.
This could be in the form :- Transactions,
- Votes in an election,
- Product inventories,
- State identifications,
- Deeds to homes, and
- Much more…
Video : Basics
Question / Answer
Blockchain is a data structure used to create a decentralized ledger (Log-Book).
It is composed of blocks in a serialized manner.
Bibliography/References
- None