blockchain technology
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5 Terms
blockchain
distribution ledger that keeps track of transactions
who maintains the ledger
everyone on the blockchain network records and replicates to anyone and everyone
practical applications
payment processing
digital identification
supply chain monitoring
digital voting
blockhain process
transaction is requested
transaction could be any digital transaction from transferring bitcoins, medical records, data backups or transferring house title information
transaction is sent to every computer or node in a decentralized network to be verified
the verified transaction is added to a new block of data containing other recently verified transactions
a secure code or hash is calculated form the previous blocks of transaciton data and the hash is added to the new block of verified transactions
block is added to the end of the blockchain which is then updated to all nodes in the network for security
if any blocks re altered, its hash and all following hashes in teh chain are automtically recalculated
the altered chain will no longer match the chains stored by the rest of the network and will be rejected