what is Blockchain Technology ?

[Mohammad Rafiya]

A blockchain, originally blockchain, is a growing list of facts, known as blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction records (commonly represented as a Merkle tree).

By design, a blockchain is proof against amendment of the facts. It is "an open, allotted ledger which could document transactions between two parties effectively and in a verifiable and everlasting way". For use as a disbursed ledger, a blockchain is usually managed by way of a peer-to-peer community collectively adhering to a protocol for inter-node conversation and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which calls for consensus of the network majority. Although blockchain facts are not unalterable, blockchains can be considered secure by way of design and exemplify a distributed computing gadget with high Byzantine fault tolerance. Decentralized consensus has consequently been claimed with a blockchain.

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