Block-chain: A Complete Beginners Guide | Block Chain Technology

Blockchain technology

Blockchain technology is barely three decades old, but it has completely changed global money transfer as we know it. It was first conceived in 1991 by a group of researchers who originally intended it to be used to timestamp digital documents to make it impossible to tamper with them. This concept was first put into actual use in 2009 by Satoshi Takamoto to create Bitcoin. Bitcoin has since spurred the adoption of blockchain technology for cryptocurrency, medical records, and land records among others.


 What is blockchain?

A blockchain is a network of computers that share a digital ledger that is duplicated and distributed across all participants in the network (nodes). That is to say that each node on the network has a duplicate copy of the ledger. The digital ledger keeps a chain of transactions since the creation of the network. The chain of transactions keeps growing as new blocks of transactions are approved and then added along. Before a new block is added to the chain, each node has to work together with the others to validate the new block. Once 51% of the nodes on the network have approved the block, it is then added to the chain.
Blockchain is anchored on the decentralization of data. This makes the ledger immutable and unalterable. Centralized attacks on the ledgers are almost impossible to pull. A good application of this is in Bitcoin. Bitcoin has approximately 10,000 nodes that are currently active around the globe. Therefore, to alter even the slightest of information on the blockchain you have to do that alter it on more than 5000 computers at once. This is a monumental task and would require a supercomputer. It is also unprofitable. How Blockchain Technology Works Read us here 
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