Today we are considered to be a part of digital society in a certain way. The words like ICO, crypto, bitcoin, etherium and so on are seen on our monitors` screens almost every day! The word “blockchain” could be also very familiar with you as this is a very important thing in crypto world. So, let us try to jump in and investigate it a bit more!
Wiki says us that a blockchain (originally block chain), is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. The Harvard Business Review describes it as “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.” For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.