Latest Innovation Knocking-in Blockchain Technology Industry

Latest Innovation Knocking-in Blockchain Technology Industry

A blockchain, originally blockchain, is a growing list of records called blocks that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a time stamp, and transaction data (generally represented as a Merkle tree).

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Some of the key players of Blockchain Technology Industry:

IBM Corporation, Microsoft Corporation, Linux Foundation, BTL Group, R3, Chain Inc., Circle Internet Financial Limited, Deloitte, Global Arena Holding, Inc. (GAHI), Ripple, Post-Trade Distributed Ledger, Eric Industries D-Wave Systems Inc., Alphapoint, Asta Solutions Pty Ltd., Bacoor, Inc., Digiledge, Digital Asset Holdings, Exioms Technology Pvt. Ltd, Hewlett Packard Enterprises (HPE)

By design, a blockchain is resistant to changes in its data. This is because the data in a given block cannot be changed retrospectively after it has been recorded without changing all subsequent blocks. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network that collectively maintains a protocol for communication between nodes and validates new blocks. Although blockchain records are not immutable, blockchains can be considered secure and exemplify a distributed computing system with high Byzantine fault tolerance. The blockchain has been described as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent manner".

The blockchain was invented in 2008 by a person (or a group of people) under the name Satoshi Nakamoto to serve as the public transaction book for the cryptocurrency Bitcoin. The identity of Satoshi Nakamoto is still unknown today. The invention of the blockchain for Bitcoin made it the first digital currency to solve the double spending problem without the need for a trusted authority or central server.

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