A blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Blockchain is backbone of the most famous cryptocurrency in the world - the Bitcoin.
Why do we need blockchain?
Business transactions take place every second of every day — orders, payments, account tracking and much more.
- Often, each participant has his or her own ledger — and, thus, a version of the truth that may differ from other participants.
- These multiple ledgers can be a recipe for error, fraud and inefficiency.
- Members on a blockchain share a common view of the truth, it’s now possible to see all details of a transaction end-to-end, reducing those vulnerabilities.