Blockchain Technology

This is the challenge for day 3 in MLH INIT

Blockchain is a method of storing data that makes it extremely difficult to alter, hack, or cheat it. A blockchain is essentially a digital log of transactions that is duplicated and distributed throughout the blockchain’s complete network of computers. Each block in the chain contains a number of transactions, and each time a new transaction occurs on the chain, a new block is added to the chain. Every participant’s ledger is updated with a record of the transaction. Blockchain Technology is a decentralized database that is administered by various people (DLT). Blockchain is a sort of distributed ledger technology in which transactions are recorded using a hash, which is an immutable cryptographic signature. This means that if a single block in a chain is modified, it will be immediately clear that the chain has been tampered with. Hackers would have to change every block in the chain, across all distributed versions of the chain, if they intended to destroy a blockchain system. Blockchains, such as Bitcoin and Ethereum, are constantly expanding as new blocks are added to the network, which considerably improves the ledger’s security.

Built With

• blockchain