What is Block Chain?
This article gives you brief introduction about Block Chain.
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. It is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain.This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability or voting. A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. This allows the participants to verify and audit transactions inexpensively. A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server.