* Block chain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. Block chain is formed by mix of two technologies - decentralized distributed database and cryptography. It consist of different blocks holding data and a unique code called a “hash” of previous block and these blocks of data cannot be modified or deleted. * The block chain network has no central authority.
2) What is the core problem Block chain is going to solve?
1. Authenticity 2. Security 3. Decentralization 4. There is no data loss or manipulation. 5. Need of powerful third party for trust.
3) What are the few features Block chain will give you?
1. Block number 2. Transaction Records 3. Previous block hash 4. Mining key
5) How is verifiability of Block chain has been attained?
Verifiability can be achieved with the help of distributed database systems where every user of the block chain has a record of all the transactions taken till date. Since, all the users will have the same data and hashes in the process, they must all have the same hash at the end. This hash can be used to check if everyone has the correct chronological order of the same data.