What Is The Block Chain

1st Jan 2018

What Is The Block Chain

  • Block chain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
  • Each block typically contains a cryptographic hash pointer as a link to a previous block, a timestamp and transaction data.
  • By design, blockchains are inherently resistant to modification of the data.
  • It is a distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
  • For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks.
  • Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
  • Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance.
  • Decentralized consensus has therefore been achieved with a blockchain.
  • This makes blockchains potentially suitable for the recording of events, medical records , and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability or voting.
  • The first blockchain was conceptualized in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions.
  • The invention of the block chain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
  • HITS is adapting with the block chain technology over Microsoft azure for IoT products such as access control.

 

HITS solution adaptability with Blockchain