5 things you should know about the blockchain
Talk of blockchain technology is everywhere, it seems -- but what is it, and what does it do?1. Don't call it "the" blockchainThe first thing to know about the blockchain is, there isn't one: there are many. Blockchains are distributed, tamper-proof public ledgers of transactions. The most well-known is the record of bitcoin transactions, but in addition to tracking cryptocurrencies, blockchains are being used to record loans, stock transfers, contracts, healthcare data and even votes.2. Security, transparency: the network's run by usThere's no central authority in a blockchain system: Participating computers exchange transactions for inclusion in the ledger they share over a peer-to-peer network. Each node in the chain keeps a copy of the ledger, and can trust others’ copies of it because of the way they are signed. Periodically, they wrap up the latest transactions in a new block of data to be added to the chain. Alongside the transaction data, each block contains a computational "hash" of itself and of the previous block in the chain.To read this article in full or to leave a comment, please click here