Block Chain

A block chain is a transaction database shared by all nodes participating in a system. Block chain technology was popularised by the cryptographic currency Bitcoin.

The Blockchain is usually referred to as an Open Ledger maintained by the nodes in a Distributed Network. Each network node stores its own full copy of the block chain.

Approximately six times per hour, a new group of accepted transactions, a block, is created, added to the block chain, and quickly published to all nodes.

Apart from financial transactions it as a number of applications. See Block Chain Projects.

YOUTUBE QzDO44oZWtE The mechanics of a bitcoin transaction block chain, which is a construct that is generated by bitcoin miners and functions as a global ledger for recording and validating bitcoins - khanacademy.org

For many people Bitcoin is the Blockchain. However is more accurate to see Bitcoin as a specific use of blockchain technology.

The Blockchain is usually referred to as an Open Ledger maintained by the nodes in a Distributed Network. Each network node stores its own full copy of the block chain.

Here I collect some examples of projects using Block Chain Technology.

A proof-of-work (POW) system (or Protocol, or Function) is an economic measure to deter Denial of Service Attacks and other service abuses such as Spam on a network by requiring some work from the service requester, usually meaning processing time by a computer.

In the case of cryptocurrency Proof-of-stake is a method of securing a network and achieving distributed consensus through requesting users to show ownership of a certain amount of currency.

A blockchain is a peer to peer tool that works something like an open ledger. Every participant in a certain network had access to the whole history of every "transaction"- whether it be financial as in the case of Bitcoin, or also general information.