Blockchain Technology

Extracted Attributes

• Type

  Private/Permissioned Blockchain (for business use, security debated)

• Field

  Cryptography

• Component

  Merkle Tree (represents transaction data)

• Key Feature

  Resistant to Alteration (requires network consensus)

• Applications

  Cryptocurrencies, Tracking orders/payments/accounts, Land titles, Asset exchange, Healthcare data, Non-fungible tokens (NFTs)

• Investment (2019)

  $2.9 billion

• Core Problem Solved

  Double-spending problem for digital currency

• Investment Growth (2019)

  89% increase from prior year

• Projected Investment (2022)

  $12.4 billion

• Economic Impact (Cathie Wood)

  Accelerates real GDP growth (forecast >7%)

Timeline

• Ralph Merkle patented Hash trees (Merkle trees), a computer science structure for storing data by linking blocks using cryptography. (Source: AWS)

  1970s

• Stuart Haber and W. Scott Stornetta used Merkle trees to implement a system in which document timestamps could not be tampered with, marking the first instance in the history of blockchain. (Source: AWS)

  1990s

• Satoshi Nakamoto created the blockchain to serve as the public distributed ledger for Bitcoin cryptocurrency transactions. (Source: Wikipedia)

  2008-01-01

• Approximately $2.9 billion was invested in blockchain technology, representing an 89% increase from the prior year. (Source: Wikipedia)

  2019-01-01

• Corporate investment into blockchain technology was estimated to reach $12.4 billion by International Data Corp. (Source: Wikipedia)

  2022-01-01

Blockchain

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). Since each block contains information about the previous block, they effectively form a chain (compare linked list data structure), with each additional block linking to the ones before it. Consequently, blockchain transactions are resistant to alteration because, once recorded, the data in any given block cannot be changed retroactively without altering all subsequent blocks and obtaining network consensus to accept these changes. Blockchains are typically managed by a peer-to-peer (P2P) computer network for use as a public distributed ledger, where nodes collectively adhere to a consensus algorithm protocol to add and validate new transaction blocks. Although blockchain records are not unalterable, since blockchain forks are possible, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. A blockchain was created by a person (or group of people) using the name (or pseudonym) Satoshi Nakamoto in 2008 to serve as the public distributed ledger for bitcoin cryptocurrency transactions, based on previous work by Stuart Haber, W. Scott Stornetta, and Dave Bayer. The implementation of the blockchain within bitcoin made it the first digital currency to solve the double-spending problem without the need for a trusted authority or central server. The bitcoin design has inspired other applications and blockchains that are readable by the public and are widely used by cryptocurrencies. The blockchain may be considered a type of payment rail. Private blockchains have been proposed for business use. Computerworld called the marketing of such privatized blockchains without a proper security model "snake oil"; however, others have argued that permissioned blockchains, if carefully designed, may be more decentralized and therefore more secure in practice than permissionless ones.

Web Search Results

• What is Blockchain Technology? - AWS - Updated 2025 - AWS

  Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain. The data is chronologically consistent because you cannot delete or modify the chain without consensus from the network. As a result, you can use blockchain technology to create an unalterable or immutable ledger for tracking orders, payments, accounts, and other transactions. The system [...] Blockchain technology has its roots in the late 1970s when a computer scientist named Ralph Merkle patented Hash trees or Merkle trees. These trees are a computer science structure for storing data by linking blocks using cryptography. In the late 1990s, Stuart Haber and W. Scott Stornetta used Merkle trees to implement a system in which document timestamps could not be tampered with. This was the first instance in the history of blockchain. [...] Blockchain is a special type of database management system that has more features than a regular database. We describe some significant differences between a traditional database and a blockchain in the following list:

• What is blockchain technology? - McKinsey

  Put simply, blockchain is a technology that enables the secure sharing of information. Data, obviously, is stored in a database. Transactions are recorded in an account book called a ledger. A blockchain is a type of _distributed_ database or ledger, which means the power to update a blockchain is distributed between the nodes, or participants, of a public or private computer network. This is known as distributed ledger technology (DLT). Nodes are rewarded with digital tokens or currency to [...] With blockchain, companies can create an indelible audit trail through a sequential and indefinite recording of transactions. This allows for systems that keep static records (of land titles, for example) or dynamic records (such as the exchange of assets). Blockchain allows companies to track a transaction down to its current status. This enables companies to determine exactly where the data originated and where it was delivered, which helps to prevent data breaches. [...] Blockchain allows for the permanent, immutable, and transparent recording of data and transactions. This, in turn, makes it possible to exchange anything that has value, whether that’s a physical item or something more intangible. A blockchain has three central attributes:

• Popular blockchain use cases across industries - Stanford Online

  Blockchain technology acts as a distributed ledger and a decentralized database for permanent storage. There is no traditional oversight mechanism. Instead, blocks of data are created, verified through various methods, and added to a chronological chain that builds upon all previous transactions or data. It’s a system that excels in situations where transparency, security, and multi-party tracking are necessary. [...] The security offered by blockchain technology is a largely tamper-proof method of data storing and sharing, with the owner traceable throughout the block height. If a blockchain is a transparent, generational tool, private data and ownership can be recorded and preserved within it. Non-fungible tokens (NFTs) — the digitally unique, non-tradable assets — like artwork ownership and other artistic endeavors are unchangeable, act as a veritable copyright with the distributed ledger technology. [...] For those industries that deal with high quantities of data and information management, blockchain technology allows for easier system management and workflows. Take health care, which handles delicate patient information over many years. Healthcare industries could benefit by creating a platform of easily updated, accessible, and secure data for all patients, medical workers, contractors, and services. Blockchain technology has the ability to dramatically simplify the paper and document heavy

• Blockchain - Wikipedia

  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 [...] Blockchain is seen as a pivotal technological advancement of the 21st century, with the ability to impact organizations at strategic, operational, and market levels.( In 2019, it was estimated that around $2.9 billion were invested in blockchain technology, which represents an 89% increase from the year prior. Additionally, the International Data Corp estimated that corporate investment into blockchain technology would reach $12.4 billion by 2022.( Furthermore, According to [...] A blockchain is a distributed ledger with growing lists of records "Record (computer science)") (_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 "Node (computer science)") are represented by leaves). Since each block contains information about the previous block, they effectively form a _chain_ (compare linked list

• Blockchain Facts: What Is It, How It Works, and How It Can Be Used

  A blockchain is a distributed database or ledger shared across a computer network's nodes. While it is best known for its crucial role in cryptocurrency systems, maintaining a secure and decentralized record of transactions, blockchains are not limited to cryptocurrency uses. Blockchains can be used to make data in any industry immutable, meaning it cannot be altered. [...] Blockchain technology achieves decentralized security and trust in several ways. To begin, new blocks are always stored linearly and chronologically. That is, they are always added to the "end" of the blockchain. After a block has been added to the end of the blockchain, previous blocks cannot be altered. [...] Blockchain is a type of shared database that differs from a typical database in the way it stores information; blockchains store data in blocks linked together via cryptography. Different types of information can be stored on a blockchain, but the most common use has been as a transaction ledger. In Bitcoin’s case, the blockchain is decentralized, so no single person or group has control—instead, all users collectively retain control.