Explain Block-Chain and its working in detail.


Blockchain 

• It is a digital ledger that keeps a record of all transactions taking place in a peer-to-peer network. All information transferred via Blockchain is encrypted and every occurrence is recorded, meaning that the information. 

• It is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. 

• An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). 

• Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved. 

• As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. 

Working of Blockchain 

1. As each transaction occurs, it is recorded as a “block” of data

• Those transactions show the movement of an asset that can be tangible (a product) or intangible (intellectual). 

• The data block can record the information of your choice: who, what, when, where, how much and even the condition such as the temperature of a food shipment. 

2. Each block is connected to the ones before and after it. 

• These blocks form a chain of data as an asset moves from place to place or ownership changes hands. 

• The blocks confirm the exact time and sequence of transactions, and the blocks link securely together to prevent any block from being altered or a block being inserted between two existing blocks.

3. Transactions are blocked together in an irreversible chain 

• Each additional block strengthens the verification of the previous block and hence the entire blockchain. This renders the blockchain tamper-evident, delivering the key strength of immutability. 

• This removes the possibility of tampering by a malicious actor and builds a ledger of transactions you and other network members can trust. 

Examples of Blockchain 

• Spotify — When Spotify acquired blockchain startup Media-chain Labs it was to help develop solutions via a decentralized database to better connect artists and licensing agreements with the tracks on Spotify’s service.

Loyyal — Powered by blockchain and smart contract technology, this loyalty and rewards platform creates more customized programs that even allow for multi-branded rewards. 

IBM Blockchain — Knowing the status and condition of every product on your supply chain from raw materials to distribution is critical. Blockchain for supply chains allows transparency with a shared record of ownership and location of parts and products in real time. 

Medical Chain — The first healthcare company using blockchain technology to facilitate the storage and utilization of electronic health records in order to deliver a complete telemedicine experience. They are real practicing doctors in the UK healthcare structure and want to change the system from within. 

       

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