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Understanding blockchain technology

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At its most basic level, a blockchain is a list of blocks connected to one another, where copies of the entire list are distributed among a set of participants, called network nodes. Each block contains a set of transactions and is connected to the block that immediately precedes it. Each transaction describes the transfer of some amount from one owner to another owner. Each transaction may have more information, but the focus is the transfer of value.

The way in which new blocks are added to the chain ensures that all copies of the chain of blocks (that’s why it’s called a blockchain) are the same. Distributing copies of data to different locations has always been difficult. Sending copies of data to multiple recipients isn’t hard, but keeping all those copies the same is very hard. Keeping distributed data in sync is another thing that blockchain technology does very well.

Blockchain Data Analytics For Dummies

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