Blockchain

Blockchain is a system of recording information in way that makes it way that makes, it difficult or impossible to change , hack , or cheat the system.

• Blockchain is essentially a digital ledger of transaction that is duplicated and one distributed across the entire network of computer system on the blockchain.
• Each block in the chain contains a number of transaction and every time a new transaction occurs on the blockchain , a record of that transaction is added to every participants ledger. The decentralized database managed by multiple participants is known as distributed ledger technology (DLT).
• Blockchain is a type of DLT in which transaction are recorded with immutable cryptographic signature called host.
• This means if one block in one chain was changed if would be immediately apparent it had been tempered with. If hackers wanted to corrupt a blockchain system. They would have to change every block in the chain across all of the distributed version of the chain.
• A blockchain was created by person or group of people using the name (or pseudonym) Santoshi Nakamoto in 2008 to serve as public distributed ledger for bitcoin cryptocurrency transactions based on previous work by Stuart Haber , W.cott strometta and dave baber.
• Blockchain such as bitcoin and Ethereum are constantly and continually growing as block are being added to the chain which significantly adds to the security of the ledger .

Why is there so much hype around technology?

There have been many attempted to create digital in the past. But they have always failed the prevailing issue is trust if someone creates a new currency called the Y-dollar how can we trust that they won't give themselves a million Y dollars or steal your Y dollars for themselves.

• Bitcoin was designed to solve this problem by using a specific type of database called blockchain. Most normal database called database such as an SQL database have someone in charge who can change the entries (eg. giving themselves a million Y Dollars).
• Blockchain is different because nobody is In charge it run by the people who use it. What more bitcoins can't be faked. hacked a double spent so- people that own this money can trust that it was some value.