What is Blockchain?

Terminology

• data - a unit of information
• hash - unique identifier of a block.
• block - An encapsulation of data, hash, and a hash of previous-block.
• ledger - collection of transactions.
  • View more about ledgers by clicking here
• blockchain - a distrubed ledger open to anyone whose underlying implementation is a LinkedList of type Block
  • data recorded in blockchain becomes very difficult to change because of the nature of ledgers
• genesis block - the first node in a blockchain.
• cryptocurrency -
• smart contract - a program that is stored on the blockchain that can be used to automatically exchange coins based on certain conditions.
• transactor - an entity responsible for creating transactions
• transaction - a record of an exchange of cryptocurrency containing a digital signature from the transactor.
  • transactions are published broadcasted and verified decentrally.

Properties of a Blockchain

• Upon creation of a block, a hash is calculated.
• Changing data of the block will cause the hash to change; thus hash can be used to detect changes in a block.
  • Upon the hash changing, it is no longer considered the same block.
• hash of previous-block is used to ensure that the integrity of previous-block is upheld by more than just previous-block; rather current-block must also uphold its data-integrity, as well as all subsequent blocks.
  • This methodology is what manifests a transparent, integral, and secure system.