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Blockchain

Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.

A block in a blockchain is a collection of data. The data is added to the block in the blockchain, by connecting it with other blocks in chronological others creating a chain of blocks linked together. The first block in the Blockchain is called Genesis Block. Blockchain is a distributed ledger, which simply means that a ledger is spread across the network among all peers in the network, and each peer holds a copy of the complete ledger.

What technology is used to record cryptocurrency transactions?

Blockchain technology with the distributed ledger. On the blockchain, the process of transaction verification and recording is immediate and permanent. The ledger is distributed across several nodes, meaning the data is replicated and stored instantaneously on each node across the system. When a transaction is recorded in the blockchain, details of the transaction such as price, asset, and ownership, are recorded, verified and settled within seconds across all nodes.

How can Blockchain be used as a database to store data?

Blockchains, by design and definition, defines a specific type of database… they are a write-once read-only database. What that means is, they are designed to be only ever created, and not edited or deleted. See full article for more details.

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Blockchain

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