Blockchain, apart from all the hoopla heralding it as a "cryptic" means of facilitating monetary transactions, is essentially just a distributed digital ledger (multiple sources of the exact same truth) and distributed digital notaries (transaction verifiers) who, unlike human money handlers and human notaries- do not lie.
Transactions can be scheduled via any desired logic (ie. loan repayment terms, payroll distribution, annuity payouts, securities purchase/sale/options, etc.) and encryption lies at the foundation of the technology- ensuring data integrity and information security.
Blockchain is a type of DLT design. DLT is well-illustrated below:
Much like Git commits, each blockchain transaction is forever tied to an unmodifiable unique SHA-256 hash sum value that ensures the immutability (un-changeability) of each transaction- in brief, if the transaction changes, the original SHA-256 hash sum (unique file signature) that has already been distributed to all nodes of the blockchain- will not match the modified transaction's SHA-256 hash sum, and everyone connected to the blockchain will be able to see that someone is trying to commit a fraudulent transaction modification. So changes to already-posted transactions within a blockchain digital ledger (in theory at least) are virtually impossible.
Transactions can be scheduled via any desired logic (ie. loan repayment terms, payroll distribution, annuity payouts, securities purchase/sale/options, etc.) and encryption lies at the foundation of the technology- ensuring data integrity and information security.
Blockchain is a type of DLT design. DLT is well-illustrated below:
© 2016 LPEA
Much like Git commits, each blockchain transaction is forever tied to an unmodifiable unique SHA-256 hash sum value that ensures the immutability (un-changeability) of each transaction- in brief, if the transaction changes, the original SHA-256 hash sum (unique file signature) that has already been distributed to all nodes of the blockchain- will not match the modified transaction's SHA-256 hash sum, and everyone connected to the blockchain will be able to see that someone is trying to commit a fraudulent transaction modification. So changes to already-posted transactions within a blockchain digital ledger (in theory at least) are virtually impossible.
Reference Video: https://anders.com/blockchain/
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