The Basics of Cryptocurrency and Blockchain
What is a blockchain?
- A blockchain is a distributed ledger system that stores and tracks specific data.
- Each ledger, referred to as a “block,” is chained together to create a blockchain.
- Each block stores 3 unique pieces of information: the data, the block’s hash, and the previous block’s hash.
- The data on each block can be just about anything that needs to be stored and tracked! For example, it may take the form of financial data, supply chain details, or medical records.
- The block’s hash is a unique cryptographic value comprised of numbers and letters that identifies each individual block.
- If the data stored within a block changes, its hash will change as well.
- The previous block’s hash is linked to the current block (and its hash!) which chains the blocks together.
- Every blockchain is shared across a large, distributed network of computers. This means that everyone with access to the network also has access to the same copy of the blockchain.
- Transactions within a blockchain are verified by agreement within the network.
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