A blockchain is a constantly incrementing array of records which are known as blocks and are made to link up get safely protected using the technique of cryptography. Each of the blocks traditionally has the cryptographic hash of preceding block, along with a timestamp containing the data of transactions. By the virtue of its design a typical blockchain is made to become resistant towards the altercations over the data contained in it. By the very definition of blockchain, it is made publicly available as a dissipated and distributed log book which is made to record the transactions happening among different parties in an effective as well as in a verified way giving it a permanency. For the blockchain to be deployed as a distributed log book it has to be typically maintained through a peer-to-peer working technology thereby making it adhere to the collective protocol for the validation of new blocks. After a single instance of recording over a block is done then it is not possible to retroactively modify the data contained within the block without having the consensus of all the subsequent blocks. If it happens the whole system of blockchain would be diverted.
The invention of blockchain was done by an anonymous cryptographer the name of which is Satoshi Nakamoto. To be used in a publicly traded cryptocurrency Bitcoin. Hence with the invention of blockchain the mining of Bitcoin became a prevalent practice. The distributed nature of blockchain makes it possible that the need for a centralized and trusted server authority is effectively eradicated from the money supply of Bitcoin. With the advent of blockchain in the year 2008; it was taken in as the constituent of the cryptocurrency Bitcoin where the blockchain served as an open and publicly available ledger for the transactions happening over the network of Bitcoin. The conceptualization of Bitcoin was only possible because of its blockchain technology and subsequent Bitcoin mining is also based upon it.
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