It is originally called as blockchain which is present in form of records- blocks, and the best part of these records is that they are secured using cryptography.
How does blockchain work?
Actually each & every block contains a hash pointer which is linked to an earlier block, or you may call it transaction data. And the best part of blockchain records is that they are resistant to any changes of data stored.
According to Harvard Business Reviews : blockchains are “an open distributed ledger” that can store transaction between two institutes or persons, most efficiently & in a fixed way. Of course this can’t be altered any how in the future, so once recorded the data is recorded forever, now you or anyone can’t modify it.
So, blockchains are the most secure by design and are based on distributed computing system along with good byzantine fault tolerance. And this also allows blockchains to store, records & other medical records, activities and good number of other things as well.
Is blockchain trustworthy?
Yes, big yes rather, security of such records are the only concern. In fact they are so much secured that once recorded can’t be altered by any means.
Beginning of blockchain is considered to be in 2008, and Satoshi Nakamoto implemented blockchians for creating bitcoins, which further become part of transactions, worldwide.
Bitcoin-
It is cryptocurrency being used for fastest transactions across the globe, because block-chain provides secure online transactions. Moreover a block chain is a decentralized & widely distributed ledger that has been used to store transactions across many computers so that records can’t be changed after once recorded.
A Block chain database contains two type of records: transactions & blocks, where blocks keep the transactions which are hashed & encoded into a tree. And this is how it works, each block contains hash of previous block in the blockchain, and this goes along with linking the two.
