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Crypto Terms:  Letter B

What is Blockchain?

Blockchain - a collection of separate blocks that store information about various transactions.
2 minutes

Let's find out Blockchain meaning, definition in crypto, what is Blockchain, and all other detailed facts.

Blockchain is a series of blocks that keep a record of data about various transactions. The data is organized in chronological order and is secured by cryptographic proofs. Miners solve cryptographic challenges to generate these blocks. Furthermore, each block has a unique identity that distinguishes it from every other block in the chain.

The first-ever prototype of blockchain was developed by Stuart Haber and W. Scott Stornetta in the 1990s. They used encryption technologies in a blockchain to protect digital documents against data manipulation.

Though, Bitcoin is younger than blockchain technology. Nevertheless, it’s the foundation of most cryptocurrency networks. Bitcoin operates in a decentralized way and is considered to be a digital ledger that manages to keep a chain of blocks that show all the transactions that happened previously.

Mining is the process of solving cryptographic problems, also referred to as Proof-of-Work. By successfully mining a block, miners gain a specific reward. For instance, by solving a Bitcoin block, miners were rewarded with 6.25 BTC.

Hash is known to be the block identifier. They are obtained from the data that is stored in every previous block. This makes it impossible for fraudsters to distort any record on the blockchain. Furthermore, the majority of blockchains are, indeed, public. Meaning that the data can be seen by anyone using a block explorer.

Nevertheless, this doesn’t change the fact that blockchain users remain completely anonymous.

Although they are centralized institutions, other sectors like healthcare or insurance may also adopt blockchain technology. Besides, this might ensure data integrity while also lowering operating expenses.