What is Block chain Technology? One coin, Bitcoin
A blockchain – originally block chain – is a distributed database that maintains a continuously growing list of ordered records called blocks. Each block contains a timestamp and a link to a previous block.
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By design, blockchains are inherently resistant to modification of the data — once recorded, the data in a block cannot be altered retroactively. Through the use of a peer-to-peer network and a distributed time stamping server, a blockchain database is managed autonomously. Blockchains are "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically.
Blockchains are secure by design and an example of a distributed computing system with high byzantine fault tolerance. Decentralisedconsensus can therefore be achieved with a blockchain. This makes blockchains suitable for the recording of events, medical records, and other records management activities, identity management, transaction processing, and proving data provenance.
Blockchain technologies offer a stigmergy approach, allowing us to achieve large-scale and systematic cooperation in an entirely distributed and decentralized manner. They can be considered as hyper-political and global governance tools, capable of managing social interactions on a large scale and dismissing traditional central authorities.
Blockchain Governance may allow human beings evolve to a Stigmergy Age with leaders without orders, order without law and communities without borders.
The first blockchain was conceptualised by Satoshi Nakamoto in 2008 and implemented the following year as a core component of the digital currency bitcoin, One Coin, where it serves as the public ledger for all transactions.[1] The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem, without the use of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
Source: Wikipedia
| Blockchain secure workflow | ||||
|---|---|---|---|---|
| Step | Activity | |||
| 1 | Digitally signed transaction initiation | |||
| 2 | Transaction is sent to miner who verifies transaction | |||
| 3 | Transaction is broadcast to all connected nodes as block | |||
| 4 | Network accepts transaction if data is valid | |||
| 5 | Receiver receives the transaction | |||
Anders Brownworth lives in Cambridge, Massachusetts and is helping to reinvent finance at Circle. He is a runner, avid world traveler and a licensed helicopter pilot.
