Blockchain is a distributed ledger. Blockchain is typically managed by a peer-to-peer network collectively.
Adhering to a protocol for inter-node communication and validating new blocks. Across every connected network.
From a sailing altitude, blockchain might not look that different from things you’re familiar with, say Wikipedia.
With blockchain, many people can write entries into a record of information and a community of users can be controlled on the record of information is amended and updated. Wikipedia entries are not the product of a single publisher. No one person controls the information.
There are three principal technologies that combine to create Blockchain.
These technologies are:
- Private key cryptography.
- A distributed network with a shared ledger.
- An incentive to service the network’s transactions, record-keeping and security.
The main purpose of this component of Blockchain technology is to create a secure digital identity reference. Identity is based on possession of a combination of private and public cryptographic keys.
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