Learn all about how blockchain works and what it is. Learn how blockchain is essentially a “database” that is shared across a network of computers. Press play now to dive into what exactly blockchain is.
Welcome back to another podcast episode!
In this episode, we’ll be discussing Blockchain and why it has gathered such massive popularity.
What Is Blockchain?
Blockchain is a method of storing data so that it is close to impossible to alter, hack, or cheat it.
A blockchain is a digital log of exchanges that are copied and spread across the blockchain’s complete network of computer systems.
Every block in the chain comprises a range of transactions, and every time a new transaction takes place on the blockchain, a log of that transaction is added to the ledger of each member.
Distributed Ledger Technology is a decentralized database that is administered by various people (DLT).
Blockchain is a sort of distributed ledger technology in which records are kept using a hash, an immutable cryptographic signature.
Thus it is ensured that if a single block in a chain is modified, it will be precisely evident that the chain has been manipulated upon.
Cybercriminals would have to change each block in the chain, among all distributed versions of the chain, if they intended to destroy a blockchain system.
Blockchains like Bitcoin and Ethereum are steadily expanding as new blocks are added to the chain, increasing the safety of the ledger dramatically.