Abstract

Blockchain is a peer-to-peer (P2P) distributed ledger technology that provides openness and confidence for a new age of transactional applications. The fundamental fabric for bitcoin is blockchain, which is a design pattern made up of three core elements: a distributed network, a public ledger, and digital transactions. Digital transactions are recorded in a public ledger by members of the distributed network. Members of the network run algorithms to test and validate the planned transaction before adding it to the network. The latest transaction is applied to the public ledger if a number of the network participants believe that the transaction is legitimate. In minutes or seconds, changes to the public ledger are mirrored in all copies of the blockchain. A transaction is immutable after it has been added and cannot be reversed or deleted. No one user of the network has the ability to tamper with or change data, and everybody in the network has a full copy of the blockchain. Blockchain is a peer-to-peer (P2P) network of nodes made up of network members.

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