Block Chain Services
A blockchain is a distributed ledger with growing lists of records (blocks) that are securely
linked together
via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a
timestamp, and transaction data
(generally represented as a Merkle tree, where data nodes are represented by leaves). The timestamp proves
that the transaction data existed when the block was created.
A blockchain is a decentralized, distributed, and often public, digital ledger consisting of
records called blocks that
are used to record transactions across many computers so that any involved block cannot be
altered retroactively,
without the alteration of all subsequent blocks. This allows the participants to verify and
audit transactions
independently and relatively inexpensively. A blockchain database is managed autonomously using a peer-to-peer
network and a distributed timestamping server.
Key Elements Of A Blockchain
Distributed Ledger Technology
All network participants have access to the distributed ledger and its immutable record of
transactions. With this shared ledger,
transactions are recorded only once, eliminating the duplication of effort that’s typical of
traditional business networks.
Immutable Records
No participant can change or tamper with a transaction after it’s been recorded to the shared
ledger.
If a transaction record includes an error, a new transaction must be added to reverse the error,
and both transactions are then visible.
Smart Contract
To speed transactions, a set of rules called a smart contract is stored on the blockchain
and executed
automatically. A smart contract can define conditions for corporate bond transfers, include
terms for travel insurance to be paid and much more.
How Blockchain Works
As Each Transaction Occurs, It Is Recorded As A “BLOCK” Of Data
Those transactions show the movement of an asset that can be tangible (a product) or intangible
(intellectual).
The data block can record the information of your choice: who, what, when, where,
how much and even the condition such as the temperature of a food shipment.
Each Block Is Connected To The Ones Before And After It
These blocks form a chain of data as an asset moves from place to place or ownership changes
hands.
The blocks confirm the exact time and sequence of transactions,
and the blocks link securely together to prevent any block from being altered or a block
being inserted between two existing blocks.
Transactions are blocked together in an irreversible chain: a blockchain
Each additional block strengthens the verification of the previous block and hence the entire
blockchain.
This renders the blockchain tamper-evident, delivering the key strength of immutability.
This removes the possibility of tampering by a malicious actor and builds a ledger of
transactions you
and other network members can trust