Blockchain_Infospot

| INTRODUCTION TO BLOCKCHAIN TECHNOLOGY | WHAT IS BLOCKCHAIN? |

Blockchain is a technology which makes use of sophisticated arrays of protocols to facilitate the sending and receiving of digital currencies under the network of decentralization. Blockchain is a distributed ledger system that records all cryptocurrency transactions. It does away with the activity, authority, influence and power exerted by the centralized system of finance called traditional finance such as bank institutions.

The following are the quick Overview of Blockchain:

1. Blockchain contains the chain of blocks of transactions

2. It makes use of hashing that imparts identity which distinguishes one block from the other

3. Blocks are linked together by hash to form chain of blocks called Blockchain

4. A block contains a certain number of transactions as the stored data

5. Proof-of-work (a consensus mechanism used in Bitcoin) is the mechanism initiated prior to the addition of new block to the chain

6. Creating blocks is called Mining

7. Proof-of-work under consensus layer of Blockchain Architecture is responsible for the addition of new block to the chain

8. Blockchain operations are powered by mathematical computation, cryptography, peer-to-peer systems, validation protocols and game theory

9. Two of the features that render Blockchain immutable are: hashing and Proof-of-work mechanism

10. Blockchain is also a distributed ledger that is completely opened to anyone.