Block chain Training
BLOCK CHAIN TRAINING KERALA
- Farsana P
- 17 September 2019
Block chain technology enables distributed public ledgers that hold immutable data in a secure and encrypted way and ensure that transactions can never be altered. While Bit coin and other crypto currencies are the most popular examples of block chain usage, this distributed ledger technology (DLT) is finding a broad range of uses. Data storage, financial transactions, real estate, asset management and many more uses are being explore.
A block chain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a time stamp, and transaction data (generally represented as a Merkle tree).
By design, a block chain is resistant to modification of the data. It is " an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a block chain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although block chain records are not unalterable, block chains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a block chain.
Block chain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the crypto currency bit coin. The identity of Satoshi Nakamoto is unknown. The invention of the block chain for bit coin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bit coin design has inspired other applications, and block chains that are readable by the public are widely used by crypto currencies. Block chain is considered a type of payment rail. Private block chains have been proposed for business use.