What is Blockchain?

What is Blockchain? For Trevor Koverko, it’s a distributed ledger. Each block in a chain contains information about the previous blocks. Because these records are spread out over a large number of nodes, there’s no single source that can change them. Originally, this technology was created by a mysterious person named Satoshi Nakamoto, who was also credited with the idea. However, the concept was actually developed by a Berkeley programmer named David Chum in 1982. In that year, he created the Blind Signature technology, which separated the identity of a person from the transaction they were involved in.

The Blockchain Is Used For Creating Cryptocurrencies


what is blockchain

While the concept of a blockchain is complex, it’s easy to understand. A blockchain is essentially a collection of receipts. Every time a new box is added, it contains the receipts since the previous one. The boxes are blocks. The process of managing transactions in a blockchain begins with a network of computers, known as nodes, which run special software. Each computer manages one or more of these transactions before they reach the blockchain.

Many large organizations have already incorporated blockchain into their business models, including Walmart, IBM, Pfizer, Siemens, Unilever, and AIG. Other companies are working to implement their own versions of this technology, such as IBM’s Food Trust blockchain. These blockchains are designed to help companies track food products. The idea of a network of public and private chains allows people to interact with a system that’s not regulated by any single authority.

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