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Blockchain

A Blockchain is an accounting system that keeps track of digital assets shared among multiple participants. The basic concept of a Blockchain is that untrusting parties (strangers) can exchange digital information without the need of a “trusted” third party who makes sure that a transaction is “secure”. To do that, the information of every transaction is cryptographically stored in blocks. Furthermore, every new block incorporates the block that preceded it by including a digital fingerprint of the predecessor block. This way, a chain of blocks is implemented that keeps track of every transaction that has ever occurred on the network and makes sure every transaction is legitimate. The blockchain itself is nothing else than a distributed database – called a ledger.

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Written by

Stefan Thume

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