# Blockchain also: [[Blockchain 1.0]] | [[Blockchain 2.0]] | [[Blockchain 3.0]] | [[Blockchain 4.0]] 1. The blockchain is one type of a [[Distributed Ledger Technology (DLT)|distributed ledger]]. Distributed ledgers use independent computers (referred to as [[Node(s)|nodes]]) to record, share and synchronize [[Transaction(s)|transactions]] in their respective electronic [[Ledger|ledgers]] (instead of keeping data centralized as in a traditional ledger). Blockchain organizes data into [[Block(s)|blocks]], which are chained together in an append-only mode. Blockchain/ DLT are the building block of “internet of value,” and enable recording of interactions and transfer “value” [[Peer-to-Peer (P2P)|peer-to-peer]], without a need for a centrally coordinating entity. “Value” refers to any record of ownership of asset -- for example, money, securities, land titles -- and also ownership of specific information like identity, health information and other personal data. 2. A blockchain refers to an ever-growing list of records that are linked to one another using a host of [[Cryptography|cryptographic]] techniques. 4. The block chain is a public record of Bitcoin [[Transaction(s)|transactions]] in chronological order. The block chain is shared between all [[Bitcoin (blockchain)]] users. It is used to verify the permanence of Bitcoin transactions and to prevent [[Double Spend|double spending]]. 5. A [[Consensus Mechanism (algorithm)|consensus]] digital [[ledger]] comprised of unchangeable, digitally recorded data in packages called blocks. Each [[Block(s)|block]] is ‘chained’ to the next block using a cryptographic signature. This allows [[blockchains]] to act like a ledger, which can be shared with and accessed by anyone with the appropriate permissions. 4. The idea emerges that the [[Bitcoin (blockchain)]] blockchain may of course use for any quite worth dealings or any quite agreement reminiscent of [[Peer-to-Peer (P2P)|P2P]] insurance, P2P energy mercantilism, P2P ride sharing, etc. Coloured Coins and Mastercoin tries to resolve that downside supports the Bitcoin Blockchain Protocol. Private organizations like banks understood that they may use the plan of blockchain as a [[Distributed Ledger Technology (DLT)|distributed ledger technology]] (DLT), and make blockchain (private or federated) that permissions, wherever the validator can a member of a syndicate or separate legal entities of an equivalent organization. The term blockchain within the context of [[Permissioned Ledger|permissioned non-public ledger]] is extremely polemical and controversial. This can why the term distributed ledger technologies emerge as a lot of general terms. There are 3 Popular types of Blockchains you need to know namely: - [[Permisionless|Permissionless Blockchain]] - Public [[Permissioned Blockchains|Permissioned Blockchain]] - Private Permissioned Blockchain. 5. A blockchain is a shared [[Ledger|ledger]] where transactions are permanently recorded by appending [[Block(s)|blocks]]. The blockchain serves as a historical record of all [[Transaction(s)|transactions]] that ever occurred, from the [[Genesis Block]] to the latest block, hence the name blockchain. 6. Blockchain is a [[Distributed Ledger Technology (DLT)|distributed ledger]], or database, shared across a public or private computing network. Each computer node in the network holds a copy of the [[Ledger|ledger]], so there is no single point of failure. Every piece of information is mathematically encrypted and added as a new “[[Block(s)|block]]” to the chain of historical records. Various consensus protocols are used to validate a new block with other participants before it can be added to the chain. This prevents fraud or double spending without requiring a central authority. The ledger can also be programmed with “[[Smart Contract|smart contracts]],” a set of conditions recorded on the blockchain, so that transactions automatically trigger when the conditions are met. For example, smart contracts could be used to automate insurance-claim payouts. Blockchain’s core advantages are decentralization, [[Cryptography|cryptographic]] security, transparency, and [[Immutable|immutability]]. It allows information to be verified and value to be exchanged without having to rely on a third-party authority. Rather than there being a singular form of blockchain, the technology can be configured in multiple ways to meet the objectives and commercial requirements of a particular use case. 7. A structure for storing data in which groups of valid transactions, called [[Block(s)]], form a chronological chain, with each block [[Cryptography|cryptographically]] linked to the previous one. 8. A [[Decentralized|decentralized]], digital [[Ledger|ledger]] where [[Transaction(s)|transactions]] made in [[Bitcoin (blockchain)]] or other [[Crypto (cryptocurrency)|cryptocurrencies]] are recorded chronologically and publicly. The [[Block(s)|block]] contains information that, once it goes into the blockchain, it becomes part of the permanent and [[Immutable|immutable]] database, connecting to other blocks in the blockchain like the links in a chain. 10. A [[Decentralized|decentralized]], unchangeable record of all [[Transaction(s)|transactions]] that have ever happened. It bundles transactions in order on [[Block(s)|blocks]] and stores them permanently. 9. A type of [[Distributed (network)|distributed]] digital [[Ledger|ledger]] to which data is recorded sequentially and permanently in ’blocks’. Each new [[Block(s)|block]] is linked to the immediately previous block with a [[Cryptography|cryptographic]] signature, forming a ‘chain’. This tamper-proof self-validation of the data allows transactions to be processed and recorded to the chain without recourse to a third party certification agent. The ledger is not hosted in one location or managed by a single owner, but is shared and accessed by anyone with the appropriate permissions – hence ‘distributed’. 10. Blockchains are [[Distributed Ledger Technology (DLT)|distributed ledgers]], secured by cryptography. They are essentially public databases that everyone can access and read, but the data can only be updated by the data owners. Instead of the data residing on a single centralized server, the data is copied across thousands and thousands of computers worldwide. The consecutive string of every [[Block(s)|block]] ever executed makes up a blockchain. A [[Distributed (network)|distributed database]] of chronologically ordered transactions; these are all of the validated transactions that have ever been executed. 11. Shared, trusted, public ledger of transactions, that everyone can inspect but which no single user controls. It is a [[Cryptography|cryptographed]], secure, tamper-resistant [[Distributed (network)|distributed database]]. It solves a complex mathematical problem to exist. A blockchain is a perfect place to store value, identities, agreements, property rights, credentials, etc. Once you put something like a [[Bitcoin (blockchain)]] into it, it will stay there forever. It is [[Decentralized|decentralized]], disintermediated, cheap and censorship-resistant. Applications of Blockchain: Bitcoin ([[Crypto (cryptocurrency)|cryptocurrency]]), Namecoin (wants to replace the entire DNS system of the Internet), or Sia (a decentralized cloud storage), [[Ethereum (blockchain)]] (Turing complete Virtual Machine where you can run any [[Smart Contract|smart contract]]); Any centralized service like eBay, Dropbox can potentially be built in a decentralized way using blockchain technology, considerably lowering transaction costs. 12. A blockchain is a shared [[Ledger|ledger]] where [[Transaction(s)|transactions]] are permanently recorded by appending [[Block(s)|blocks]]. The blockchain serves as a historical record of all transactions that ever occurred, from the [[Genesis Block]] to the latest block, hence the name blockchain. 13. Blockchain (Public) A mathematical structure for storing digital transactions (or data) in an immutable, [[Peer-to-Peer (P2P)|peer-to-peer]] ledger that is incredibly difficult to fake and yet remains accessible to anyone. 14. [[Block(s)|Blocks]] are data packages that include a few necessary parts. These parts include a reference to the block immediately preceding the current block, the solution to a very complicated mathematical problem or puzzle (without which the block cannot be recorded in the chain. The process of solving the puzzle and recording the block is called “[[Mining|mining]]”), and a record of the machine that gets the reward for solving the puzzle. The most important part is the general [[Ledger|ledger]] of the [[Transaction(s)|transactions]] that were completed since the last block was recorded. Blocks are chained together in chronological order, thus the source of the name “blockchain”. 15. A chain of [[Block(s)|blocks]] with each block referencing the block that preceded it. The most-difficult-to-recreate chain is the best block chain. 16. Is a continuous and sequential chain of [[Block(s)|blocks]] that contains transaction information, agreements, and contracts within a system stored in a [[Cryptography|cryptographic]] form. It is virtually impossible to change the contained in the information, which ensures a high level of data reliability. 17. The foundational technology behind the blockchain and [[Crypto (cryptocurrency)|cryptocurrency]] sector. It is a virtual, [[Immutable|immutable]] (unchangeable), [[Distributed (network)|distributed]] store of data stored on servers around the world. This is a new way of distributing both trust and data. It is an alternative to traditional systems where a central organization holds all the data. Think of it as a chain of blocks of data, verified by [[Consensus Mechanism (algorithm)|consensus]] by any computer that chooses to participate. Each [[Block(s)|block]] of data containing anything from who has sent cryptocurrency to others to who owns what plot of land in a land registry. Blockchain is a [[Distributed Ledger Technology (DLT)|distributed ledger]]. 18. A blockchain—the technology underlying bitcoin and other [[Crypto (cryptocurrency)|cryptocurrencies]]—is a shared digital ledger, or a continually updated list of all transactions. This [[Decentralized|decentralized ledger ]] keeps a record of each transaction that occurs across a fully distributed or [[Peer-to-Peer (P2P)]] network, either public or private. A blockchain’s integrity hinges on strong cryptography that validates and chains together blocks of transactions, making it nearly impossible to tamper with any individual transaction record without being detected. 19. A blockchain is a public [[ledger]] of transactions that is maintained and verified by a [[decentralized]], [[Peer-to-Peer (P2P)]] network of computers that adhere to a [[Consensus Mechanism (algorithm)|consensus mechanism]] to confirm data. Each computer in a blockchain network maintains its own copy of the shared record, making it nearly impossible for a single computer to alter any past [[Transaction(s)|transactions]] or for malicious actors to overwhelm the network. Sufficiently decentralized blockchains do not rely on [[Centralized|centralized]] authorities or intermediaries to transact globally, securely, verifiably, and quickly, making technology like [[Crypto (cryptocurrency)|cryptocurrency]] possible. 20. A kind of [[Distributed Ledger Technology (DLT)]] to which data is recorded sequentially and permanently in ’[[Block(s)|blocks]]’. Each new block is linked to its preceding block with a cryptographic link, forming a ‘chain’. This tamper-proof self-validation of the information permits [[Transaction(s)|transactions]] to be processed and recorded to the chain without having to rely on a third-party certification agent. The ledger is not hosted in one place or managed by a single entity but is shared and accessed by anyone with the appropriate permissions – hence ‘[[Distributed (network)|distributed]]’. ___ ![[Pasted image 20210428090821.png]] ![[Pasted image 20210428090852.png]]