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- Blockchain technology was first developed in 2009 by Satoshi Nakamoto.
- Since its inception, it has been used as the basis for several cryptocurrencies from around the world, including Bitcoin andBitshares.
- Blockchain is a sort of distributed ledger or decentralized database that keeps records of digital transactions.
- The ledger can record many transactions such as monetary transactions, property transfer, and even ballot storage.
- When a digital transaction is carried out, it is grouped together in a cryptographically protected block with other transactions
- Each transaction is recorded and stored in the ledger that is out on a public bulletin board. Every transaction adds a block to the chain of transactions and each one is assessed by every user based on algorithms agreed upon.
- All transactions that occur on a standard Blockchain are verified and signed with cryptography to ensure security and anonymity
- Rather than being kept in one location, a copy of the blockchain is stored on every user’s server so that a user cannot alter it without other users finding out.
