Blockchain

Extracted Attributes

• Type

  Distributed Ledger Technology (DLT)

• Nature

  Decentralized, distributed, digital ledger

• Security

  Immutable; virtually impossible to alter past records without affecting subsequent blocks

• Mechanism

  Managed by a peer-to-peer network with consensus algorithm

• Structure

  Chain of cryptographically linked blocks

• Block Contents

  Cryptographic hash of previous block, timestamp, transaction data

• Problem Solved

  Double-spending problem without a central authority

• Fault Tolerance

  High Byzantine fault tolerance

• Primary Use Case

  Public distributed ledger for cryptocurrency transactions

• Business Use Case

  Private blockchains for business applications

• Data Storage Model

  Append-only

Timeline

• Blockchain technology (for Bitcoin) was created by Satoshi Nakamoto. (Source: Summary, DBPedia)

  2008-01-01

• Robinhood launched its initiative to tokenize securities in Europe using blockchain technology, offering fractional ownership in private companies like OpenAI and SpaceX. (Source: Related Documents, Web Search)

  2023-12-01

Web Search Results

• 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 is a decentralized digital database or ledger that securely stores records across a network of computers in a way that is transparent, immutable, and resistant to tampering. Each "block" contains data, and the blocks are linked in a chronological "chain." What Is a Blockchain? [...] 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.

• 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 [...] The 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 [...] 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 algorithmprotocol to add and validate new transaction blocks. Although blockchain records are not unalterable, since blockchain forks "Fork (blockchain)") are possible, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance.(

• Blockchain for Business: Applications of Blockchain Systems

  A blockchain is a digital transaction ledger that is "append-only," meaning information can only be added to it, not edited or changed once posted.3 A blockchain's immutability is ensured by the complex set of steps required to add a "block" containing new information (typically records of multiple transactions grouped together) to the existing chain. In order to record and validate the addition of a new block, a user must solve mathematical problems that grow in complexity with each new

• 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 make [...] And finally, a blockchain is a database that is shared across a public or private network. One of the most well-known public blockchain networks is the Bitcoin blockchain. Anyone can open a Bitcoin wallet or become a node on the network. Other blockchains are private networks. These are more applicable to banking and fintech, where people need to know exactly who is participating, who has access to data, and who has a private key to the database. Other types of blockchains include consortium [...] 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:

• What is Blockchain Technology? - AWS

  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: [...] Blockchain systems provide the high level of security and trust that modern digital transactions require. There is always a fear that someone will manipulate underlying software to generate fake money for themselves. But blockchain uses the three principles of cryptography, decentralization, and consensus to create a highly secure underlying software system that is nearly impossible to tamper with. There is no single point of failure, and a single user cannot change the transaction records.

• Instance Of

  Q1980247

A blockchain is a type of distributed ledger technology (DLT) that consists of growing lists of records, called blocks, that are securely linked together using cryptography. 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. 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 irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks. 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 of 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.