Blockchain: What Is It, How It Works, And What It Means For Big Data
In this new digital transformation era, blockchain comes hand-in-hand as one of the fastest growing technologies to help secure and protect data through cryptography. Learn more about blockchain and what it means for big data.
What is Blockchain?
Blockchain is a secure, shared, decentralized, distributed, immutable database that maintains a continuously growing list of records called blocks. Seebacher & Schüritz further describes the distributed database as a “shared among and agreed upon a peer-to-peer network. It consists of a linked sequence of blocks (a storage unit of a transaction), holding timestamped transactions that are secured by public-key cryptography (i.e., “hash”) and verified by the network community. Once an element is appended to the blockchain, it cannot be altered, turning a blockchain into an immutable record of past activity.”
How Does Blockchain Work?
At the core of the blockchain technology is a distributed ledger with groups of transactions collected into a block. The block is validated by a third party (miner) and is locked. Each participant in the global network keeps a copy of the ledger and every time a new block is created, it is broadcasted to all the participants that add it to their local copy of the ledger. The process of “hashing” transforms assets which are ...
Read More on Datafloq
What is Blockchain?
Blockchain is a secure, shared, decentralized, distributed, immutable database that maintains a continuously growing list of records called blocks. Seebacher & Schüritz further describes the distributed database as a “shared among and agreed upon a peer-to-peer network. It consists of a linked sequence of blocks (a storage unit of a transaction), holding timestamped transactions that are secured by public-key cryptography (i.e., “hash”) and verified by the network community. Once an element is appended to the blockchain, it cannot be altered, turning a blockchain into an immutable record of past activity.”
How Does Blockchain Work?
At the core of the blockchain technology is a distributed ledger with groups of transactions collected into a block. The block is validated by a third party (miner) and is locked. Each participant in the global network keeps a copy of the ledger and every time a new block is created, it is broadcasted to all the participants that add it to their local copy of the ledger. The process of “hashing” transforms assets which are ...
Read More on Datafloq
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