What is blockchain?

 

A blockchain is a type of method for recording and managing data. Blockchain is maintained and operated under a predetermined consensus mechanism by those who participate in the blockchain.

All data on a blockchain is stored in a unit called a 'blocks'. Blocks can record any information, such as property ownership, contract details, or remittance, and this process is strictly based on the freedom of the recorder.

One block unit is linked to other blocks as if it were a chain utilizing distributed computing technology. This way, when a block and a block are linked together, two advantages arise.

First, it is impossible to falsify data.

Second, the data recorded in the block can be viewed by everyone participating in the blockchain.

 

In the past, digital information were easily exposed to duplication or falsification. This is why people's perception of data assets has not been formed. However, as the concept of digital assets has been recently established, data forgery and security issues has been gaining attention. As a technical solution to this problem, the block chain has received attention.

The reason that data can not be tampered with is that data on the blockchain is distributed and stored on the computer of each of the blockchain participants rather than stored in a single centralized institution. This is called distributed ledger. This means that a single hacker is required to hack all of the participants' computers in order for data forgery to take place, as one piece of data is recorded in the ledger of every participant, not just a single ledger. This makes data tampering extremely hard.

 

 

 

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