Blockchain

The Blockchain is a list of records that are linked using cryptography. Each block has a cryptographic hash, transaction data and timestamp. The Blockchain is resistant to changes in data. It is an open ledger that records transactions between two parties in a permanent and verifiable way. Blockchains managed by a peer-to-peer network. Once the data has been recorded in any block it is not possible to alter any data, the consensus of the majority is required. The invention of Blockchain for bitcoin solved the problem of double-spending. The Blockchain is taken as a type of payment rail. For the business purpose, private Blockchains have been proposed. It is a decentralized, public digital ledger used for recording transactions across many computers. As a result of this, no record can be altered retroactively without changes in subsequent blocks.