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Demystifying Blockchain and Consensus Mechanisms - Everything You Wanted to Know But Were Never Told by Andre Boaventura

Juergen Kress
PaaS & Middleware Partner Adoption

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It is likely that you’ve heard so far, many descriptions of what blockchain is, and that description probably is related somehow with money. Of course, this is not happening by chance, but actually due to many popular technologies such as Bitcoin, Ethereum, Ripple and many others currently available in the cryptocurrency marketplace, which have this solution based on DLT(Distributed Ledger Technology), as their core implementation foundation, which is the basis for trading cryptocurrencies and other assets through public & private markets. However, Blockchain technology goes much further than just cryptocurrencies. Today, blockchain is already adopted as part of many everyday B2B transactions, including those powered by enterprise applications such as ERPs, Supply Chain, Financial Services, Healthcare systems, etc, and the list is much longer than this one.

The Blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain?

By definition, Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

Generally speaking, a blockchain network is a system for maintaining distributed ledgers or facts and the history of the ledgers' updates. This approach allows organizations that don't fully trust each other to agree on the updates submitted to a shared ledger by using peer-to-peer protocols rather than a central third party or manual offline reconciliation process. Blockchain enables real-time transactions and securely shares tamper-proof data across a trusted business network. Read the complete article here.

 

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