A blockchain explanation

March 12, 2018

 

If we take the analogy of a written ledger as with old accounting book record keeping, then a page within a ledger book can be thought of as a block, the entire up to date ledger of all pages in the ledger book can be thought of as the blockchain. Unlike a book ledger, false copies cannot be made, contents within the ledger cannot be altered or removed, pages cannot be reordered or destroyed. As the blockchain is encrypted, it cannot be fraudulently changed or altered. Thus, blockchain provides a pure, uncorrupted version of all entries into a digitized ledger. Copies of this incorruptible ledger are made available to all participants giving no sole entity ownership of the record keeping.

 

 

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March 12, 2018

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