Blockchain is a block of chained Bitcoin records. It is a block of many records that are linked through cryptography. These lists of records contain a hash for previous data, along with a time stamp, and transaction data. It contains batches of valid transactions in an encrypted format. A “hash” of a Merkle Tree for the previous transaction links the blocks together. The links form a “chain,” hence the name “Blockchain.” It is not modifiable. Blockchain is used for storing transactions and its data between two companies. It is verifiable and permanent as well. Data in a block cannot be changed without changing the data of other chained blocks. Although they are not modifiable, they can be called as secured for storing the information in an encrypted and permanent way. Blockchain was invented as a “ledger” for the encrypted currency “Bitcoin” in 2008 by Satoshi Nakamoto. It worked out as very helpful in solving the double-spending problem without the need of any trusted mediator. The Blockchain has inspired many other applications and is now used on a worldwide basis by the general public as well as private companies for cryptocurrencies. The Blockchains that are used by the public are readable, while the ones used by private companies are only readable by the network owner and are called “Permissioned Blockchains”.
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