What is blockchain?
Blockchain is a distributed ledger technology which provides identical information across an entire community of participants without a centralized data repository or owner.
It is a technology for keeping records: tamper-resistant and indestructible.
A block of data is a permanently recorded set of data, such as a financial transaction.
- The data in a block is first hashed.
- Any small change to the data, makes the hash invalid.
- Each block not only contains its own data, but also the hash of the previous block.
- That’s how the blocks are connected to each other (chained).
- This means that changing data of a single block would break a chain and any tampering would become evident.
Blockchain solutions are perfect for identity management, KYC, AML, court documents, academic records, title registry, payment processing, contracts management, tracking origin of goods, voting, and much more.