blockchain

What is Blockchain technology?

Cryptocurrencies such as Bitcoin and Scotcoin are stored on what is called the Blockchain which is a series of blocks which contain all of the transactions, which form a chain and these transactions between wallet addresses (which are explained on my previous video) are stored on these blocks on a public ledger which cannot be modified. It uses what’s called public keys and a private keys.

blockchain

The Blockchain is an ordered list of blocks, where each block contains a list of transactions.

Each block in a blockchain is “chained” back to the previous block, by containing a hash of the previous block. Thus, historical transactions in the blockchain cannot be deleted or altered without invalidating the chain of hashes. If anyone was to try and modify anything then the miners on each node of the Blockchain network would reject it and the Blockchain is then modified back to its original state.

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