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- A blockchain is a shared database that records transactions between two parties in an immutable ledger. Blockchain documents and confirms pseudonymous ownership of all transactions in a verifiable and sustainable way. After a transaction is validated and cryptographically verified by other participants or nodes in the network, it is made into a "block" on the blockchain. A block contains information about the time the transaction occurred, previous transactions, and details about the transaction. Once recorded as a block, transactions are ordered chronologically and cannot be altered. This technology rose to popularity after the creation of Bitcoin, the first application of blockchain technology, which has since catalyzed other cryptocurrencies and applications. Due to its nature of decentralization, transactions and data are not verified and owned by one single entity as they are in typical systems. Rather, the validity of transactions are confirmed by the form of majority-rule in which nodes or computers that have access to the network, if the network comes to a consensus of the new transaction then it is added. Blockchain technology secures and authenticates transactions and data through cryptography. With the rise and widespread adoption of technology, data breaches have become frequent. User information and data are often stored, mishandled, and misused, causing a threat to personal privacy. Advocates argue for the widespread adoption of blockchain technology because of its ability to increase user privacy, data protection, and data ownership. (en)
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- A blockchain is a shared database that records transactions between two parties in an immutable ledger. Blockchain documents and confirms pseudonymous ownership of all transactions in a verifiable and sustainable way. After a transaction is validated and cryptographically verified by other participants or nodes in the network, it is made into a "block" on the blockchain. A block contains information about the time the transaction occurred, previous transactions, and details about the transaction. Once recorded as a block, transactions are ordered chronologically and cannot be altered. This technology rose to popularity after the creation of Bitcoin, the first application of blockchain technology, which has since catalyzed other cryptocurrencies and applications. (en)
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- Privacy and blockchain (en)
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