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Difference between revisions of "Blockchain"
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Blockchains are typically managed by a [[Peer to Peer|peer-to-peer]] network for use as a publicly distributed ledger, where [[Node|nodes]] collectively adhere to a protocol to communicate and validate new blocks. Although blockchain records are not unalterable as forks are possible, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. | Blockchains are typically managed by a [[Peer to Peer|peer-to-peer]] network for use as a publicly distributed ledger, where [[Node|nodes]] collectively adhere to a protocol to communicate and validate new blocks. Although blockchain records are not unalterable as forks are possible, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. | ||
In addition to the secure transfer of value, blockchain technology provides a permanent forensic record of transactions and a single version of the truth – a network state that is fully transparent and displayed in real time for the benefit of all participants. | |||
The blockchain was popularized by a person (or group of people) using the name [[Satoshi Nakamoto]] in 2008 to serve as the public transaction ledger of the cryptocurrency [[bitcoin]], based on work by Stuart Haber, W. Scott Stornetta, and Dave Bayer. The identity of Satoshi Nakamoto remains unknown to date. The implementation of the blockchain within bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications and blockchains that are readable by the public and are widely used by cryptocurrencies. The blockchain is considered a type of payment rail. | The blockchain was popularized by a person (or group of people) using the name [[Satoshi Nakamoto]] in 2008 to serve as the public transaction ledger of the cryptocurrency [[bitcoin]], based on work by Stuart Haber, W. Scott Stornetta, and Dave Bayer. The identity of Satoshi Nakamoto remains unknown to date. The implementation of the blockchain within bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications and blockchains that are readable by the public and are widely used by cryptocurrencies. The blockchain is considered a type of payment rail. | ||