About blockchain technology
What is a Blockchain?
The Blockchain is literally a chain of blocks. When we say the words “block” and “chain” in this context, we are actually talking about digital information (the “block”) stored in a public database (the “chain”). “Blocks” on the blockchain are made up of digital pieces of information. Specifically, they have three parts:
- Transactions (day, time, amount, etc);
- Participants (user’s “digital” signature), and;
- A cryptographic hash of the previous block to distinguish them from one another.
Blockchain Distributed Ledger Technology
The blockchain is also referred to as a “distributed ledger” - “Distributed” because the data it contains is copied across the entire server network. A “Ledger” because it has checks and balances that maintain the data integrity.