Block chain works by creating a shared, distributed ledger of the transactions as they happen, building a permanent and immutable history of every transaction in the chain. Rather than going through a trusted third party such as a bank or stock market, transactions are validated and added to the chain by common consensus across the network. Any additions are validated in all copies of the ledger instantly. The chain is essentially under equal control by all its participants, with no one party overseeing contract execution. It is secured by a blend of asymmetric data encryption, and digital identities through which participants are authenticated.
No comments:
Post a Comment