What is blockchain technology?

Learn more about blockchain technology. Blockchain is a digital ledger database whose recorded contents are encrypted into a sequence of blocks and distributed throughout a network of participating computers (nodes). Blockchain is a distributed ledger database system whose technologies can change the way businesses and governments operate.

What is a bitcoin 'block chain'?

The network's 'nodes' — users running the bitcoin software on their computers — collectively check the integrity of other nodes to ensure that no one spends the same coins twice. All transactions are published on a shared public ledger, called the 'block chain.' ^ Gervais, Arthur; Karame, Ghassan O.; Capkun, Vedran; Capkun, Srdjan.

What distinguishes a blockchain from other databases?

What distinguishes a blockchain from other databases is that its ledger is distributed, publicly available and replicated on thousands of computers—or “nodes”—around the world. Rather than a centralised entity, like a bank or a tech platform, ensuring that the ledger is accurate, it is verified by a decentralised network of individuals.

What is a private blockchain network?

A private blockchain network, similar to a public blockchain network, is a decentralized peer-to-peer network. However, one organization governs the network, controlling who is allowed to participate, execute a consensus protocol and maintain the shared ledger.