Blockchain Technology Today

 

                                                  Blockchain Technology

Blockchain, sometimes referred to as distributed ledger technology (DLT), makes the history of any digital asset unalterable and transparent through the use of a decentralized network and cryptographic hashing.

A simple analogy for how blockchain technology operates can be compared to how a Google Docs document works. When you create a Google Doc and share it with a group of people, the document is simply distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the base document at the same time. No one is locked out awaiting changes from another party, while all modifications to the document are being recorded in real-time, making changes completely transparent. 

 

 

 Goal of Blockchain Technology:  

The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. In this way, a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed. 

How Blockchain Works

• The blockchain is a digital database, composed of encrypted blocks of data which are “chained” together and secured by complex math problems
• The math problems involving matching nonces and hashes is almost impossible to change later — the record of previous actions on the blockchain is highly accurate and secure from manipulation.
• The blockchain is distributed identically across different decentralized nodes, ensuring no one organization can own or manipulate it.