From the course: Foundations of Business Banking

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Blockchain: Introduction

Blockchain: Introduction

From the course: Foundations of Business Banking

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Blockchain: Introduction

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- A blockchain is a distributed data storage system in which data are stored simultaneously on many network computers in timestamped groups or blocks, that are linked or chained to previously stored blocks of data. Imagine a network of five people who pay money to and collect money from one another. Rather than have these transactions go through a traditional bank, the five people decide to take care of the transaction processing, recording and verification themselves. The record of each transaction is put into a computer program that creates a code identifier or hash for the transaction. That hash along with a hash of the immediately preceding transaction is saved, along with the transaction data and sent out to the five people in the network as a block of data. A collection of blocks of data with each block linked to the proceeding block by containing that proceeding block's hash is called a blockchain. These…

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