What is blockchain technology?

Now in its 3rd edition, IBM’s Blockchain for Dummies has introduced blockchain to more than 68,000 readers. Blockchain defined: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.

What are the characteristics of blockchain?

An important characteristic of blockchain is that, as each block is completed, a time stamp is generated. This makes each blockchain a “timeline of data”; differentiating it from standard databases as well. While blockchain currently commands a lot of attention, its basic characteristics are hardly a new concept.

What is a blockchain node & how does it work?

Nodes are incentivized with digital tokens or currency to make updates to blockchains. Blockchain allows for the permanent, immutable, and transparent recording of data and transactions. This, in turn, makes it possible to exchange anything that has value, whether that is a physical item or something less tangible.

How does a blockchain update work?

The blockchain update is distributed across the network. The transaction is complete. Blockchains are also streamlined via smart contracts, or programs that activate when predetermined conditions are met.