What is blockchain?
A blockchain is an ever-growing record of transactions made with bitcoin or any other cryptocurrency that is maintained across a series of computers which are linked via a peer to peer network.
This list of records is referred to as blocks and they are linked to each other using cryptography. Due to its design, blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The blockchain is continuously growing and is open to anyone. When a new block is generated, it is sent to all users within the network. Each user then verifies the block and it is added to the blockchain. Each block in the blockchain contains:
- The details of the sender, receiver and amount of e-coins.
- A hash, which serves as a unique fingerprint.
- A hash of the previous block in the chain.