A blockchain is a decentralized, distributed, and public digital ledger that records transactions across multiple computers, making it impossible to alter the record without altering all subsequent blocks and reaching a consensus of the network[1]. Key features of a blockchain include:
– Blocks: Data is stored in blocks that are linked together in a chain. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data[1].
– Consensus: The blockchain network relies on a consensus mechanism to verify and confirm transactions. When a new block is added to the chain, the majority of nodes must agree on its legitimacy based on permissions or known as consensus mechanisms[4].
– Immutability: Once data is added to a block, it cannot be altered, providing a secure and immutable ledger for tracking transactions and assets[5].
– Cryptography: Blocks are linked using cryptography, ensuring the integrity and chronological consistency of the data[3].
Blockchain technology has various applications, including cryptocurrencies, supply chain management, and secure data storage. It is known for its ability to provide transparency, security, and immutability in various industries[2].
In a blockchain network, participants play different roles, such as validators, miners, or nodes, which are responsible for maintaining the network and verifying transactions[1]. The technology enables secure sharing of information, allowing for the creation of an unalterable or immutable ledger for tracking orders, payments, accounts, and other transactions[3].
Citations:
[1] https://www.synopsys.com/glossary/what-is-blockchain.html
[2] https://www.investopedia.com/terms/b/blockchain.asp
[3] https://aws.amazon.com/what-is/blockchain/
[4] https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-blockchain
[5] https://www.ibm.com/topics/blockchain