Blockchain is an open, distributed ledger that can record transactions between two people in a permanent and verifiable way. The transaction data can't be altered retroactively after it has been recorded. This allows users to audit and verify transactions at no cost.
Blockchain is a continuously growing list of records linked and secured with cryptography. Each Block contains a timestamp, transaction data, and is managed by a Peer to peer network. To know more about blockchain networks visit https://www.supercolony.net/ for more information.
Here is an example of a blockchain network : If a person A requests a transaction that involves crypto-currency records, contracts or other information. – The transaction is broadcast to a network of computers known as Nodes. – The Nodes verify the transaction and determine the status of the user using known Algorithms. – Next, the new block is added to the existing ledger in a permanent and unalterable manner. – The transaction has been completed.
It is important to note that transaction data does not exist in physical form and only exists on the network. Therefore, it has no intrinsic value for third parties.
Blockchain is a digital ledger that can be autonomously managed and reconciled regularly. It can track not only financial transactions but all values. Blockchain allows the exchange of value without the need for centralised intervention by money or information arbiters. It's a type of self-auditing ledger that reconciles every ten minutes.