From the course: Digital Technologies Case Studies: AI, IOT, Robotics, Blockchain
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A brief primer on blockchain
From the course: Digital Technologies Case Studies: AI, IOT, Robotics, Blockchain
A brief primer on blockchain
- The blockchain technology achieved initial popularity as a mechanism to record Bitcoin transactions in a digital ledger. Since then, it has also found use in managing supply chains, banking, insurance, and other applications. The term blockchain refers to a chain of blocks. Think of them as digital records that are chronologically linked to each other cryptographically. Like the pages in a book, each block comes after a previous one. Each block contains some information. For example, a transaction between parties A and B, a medical record, or a land title. It also includes a unique and cryptic identifier, a time stamp about when it was created, as well as the unique identifier of an earlier block where some change to the earlier block such as change in the ownership of the particular land resulted in the creation of the current block. The entire chain is copied and stored in a decentralized, distributed, and often public…
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