Blockchain: News

Blockchain is a term thrown around loosely associated with cryptocurrencies. However, as the name suggests, a blockchain is a series of blocks of data that are interlinked and irreversibly recorded across a distributed computing network that operates just like torrents. These data blocks usually contain a cryptographic hash of the previous block, a timestamp, and transaction data. Since Each block contains data about the previous one, it is harder to corrupt such that I card since changing one block would mean that every subsequent block after that would have to be changed as well. The blockchain was invented by a person or probably a group of people under the pen name Satoshi Nakamoto in 2008 to serve as a transaction ledger for the Bitcoin cryptocurrency. Interestingly, Bitcoin is the world’s first open-source, decentralized cryptocurrency. To this day, the identity of Nakamoto remains unknown. Like torrents, Blockchains usually use a peer-to-peer network so the ledger of transactions is distributed across multiple computers, thereby making it more tamper-resistant, secure, easily accessible, and transparent.