What is blockchain and how does it work?

Blockchain overview Blockchain defined: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding).

Who invented blockchain technology?

But it was Satoshi Nakamoto (presumed pseudonym for a person or group of people) who invented and implemented the first blockchain network after deploying the world’s first digital currency, Bitcoin. Who Owns Blockchain Technology? Because blockchain technology is the technology behind the blockchain, it cannot be owned.

What is a block chain?

Blockchain. A blockchain, originally block chain, 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 (generally represented as a merkle tree root hash). By design, a blockchain is resistant...

What are the different types of blockchains?

]Usually, such networks offer economic incentivesfor those who secure them and utilize some type of a Proof of Stakeor Proof of Workalgorithm. Some of the largest, most known public blockchains are the bitcoin blockchain and the Ethereum blockchain. Private blockchains A private blockchain is permissioned.[50]