What is Blockchain? 10 Answers
The Blockchain Chamber of Commerce shares AWARENESS articles to create curated resources to answer some of the most common questions searched on the internet.
- Blockchain 101 by IBM Food Trust — Part 1: What is Blockchain?
“Blockchain is basically a consensus-based digital ledger that includes immutable, digital data, documented in different packages known as blocks. Every block is ‘chained’ or related to the next block by leveraging a cryptographic signature or hash function. Thus, blockchain serves as a ledger that you can share with anyone. It is open for access to people with the relevant permissions. It is impossible to change the data recorded on blocks in the blockchain.”
3. Crptomatics
4. Deloitte: Blockchain explained… in under 100 words.
“You (a “node”) have a file of transactions on your computer (a “ledger”). Two government accountants (let’s call them “miners”) have the same file on theirs (so it’s “distributed”). As you make a transaction, your computer sends an e-mail to each accountant to inform them.
Each accountant rushes to be the first to check whether you can afford it (and be paid their salary “Bitcoins”). The first to check and validate hits “REPLY ALL”, attaching their logic for verifying the transaction (“proof of work”). If the other accountant agrees, everyone updates their file…
This concept is enabled by “Blockchain” technology.”
5. Oracle: What is Blockchain?
6. Gartner Technology Glossary: Blockchain
“A blockchain is an expanding list of cryptographically signed, irrevocable transactional records shared by all participants in a network. Each record contains a time stamp and reference links to previous transactions. With this information, anyone with access rights can trace back a transactional event, at any point in its history, belonging to any participant. A blockchain is one architectural design of the broader concept of distributed ledgers.”
7. Simplilearn
8. Investopedia
“A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.”
9. Simply Explained
10. Blockchain Explained
