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What is Blockchain?
While Blockchain was once seen as a technology experiment, Blockchain now represents an agent of change that impacts entire organizations.
Blockchain, which began to emerge as a real-world tech option in 2016 and 2017, is poised to change IT in much the same way open-source software did a quarter-century ago. And in the same way, Linux took more than a decade to become a cornerstone in modern application development, Blockchain will likely take years to become a lower cost, more efficient way to share information and data between open and private business networks.
Based on a peer-to-peer (P2P) topology, blockchain is a distributed ledger technology (DLT) that allows data to be stored globally on thousands of servers – while letting anyone on the network see everyone else’s entries in near real-time. That makes it difficult for one user to gain control of, or game, the network.
Blocks” on the blockchain are made up of digital pieces of information. which have three parts:
- Blocks store information about transactions like the date, time, and dollar amount of your most recent purchase.
- Blocks store information about who is participating in transactions. A block related to an online purchase would record your name along with and the online store. However, instead of using your actual name, your purchase is recorded without identifying information using a unique “digital signature,” sort of like a username.
- Blocks store information that distinguishes them from other blocks. Much like you and I have names to distinguish us from one another.
- Each block stores a unique code called a “hash” that allows us to tell it apart from every other block. Hashes are cryptographic codes created by special algorithms.
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This video was created with AmazonPolly, a service that uses deep learning tech to synthesize speech.
Video Source Code
“Blocks” on the blockchain are made up of digital pieces of information.
Let me explain using our market place as an example
Let’s say you made a purchase on CJ’s Go,
Even though the details of your new transaction are identical to your first purchase,
Although the block in my example is being used to store just one purchase
This means a single block can hold thousands of transactions.