INFO "BLOCKCHAIN"

BLOCKCHAIN SHORT DESCRIPTION FOR UNDERSTANDING THAT WHAT BASICALLY BLOCKCHAIN IS...

A blockchain is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp and a link to a previous block, therefore making a chain of blocks. Changing the information in any block breaks the links and so blockchains are inherently secure and extremely difficult to hack.

The first blockchain was released in 2009 by Satoshi Nakamoto as part of the Bitcoin cryptocurrency. The objective for Bitcoin was revolutionary: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." (Original Satoshi Nakamoto White Paper). For the proof-of-work consensus driven blockchains, like Bitcoin and Ethereum, blocks are “mined”, or cryptographically proven as correct, and assembled in the proof of work consensus. This is done by computers (“miners”) that follow the rules set forth in the protocol. There is no central authority, such as a board of governors or the like, that arbitrates the protocol.

A blockchain is best described as:

(A)Instant access to capital.

(B)A distributed database that is used to maintain a continuously growing list of records, called blocks. Each block
contains a timestamp and a link to a previous block.

(C)A new form of digital currency.

(D)A currency developed by an unknown actor named Satoshi.

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