The Blockchain Technology

blockchainoriginally block chain, is a growing list of records, called blocks, which are linked using cryptography. Blockchains which are readable by the public are widely used by cryptocurrencies. Private blockchains have been proposed for business use. Some marketing of blockchains has been called “snake oil”.

Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a merkle tree root hash). By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”  For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority.

Though blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.

Blockchain was invented by Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.  The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server.

. The bitcoin design has inspired other applications.

Mr Victor Daniels

CEO

Mr Beny Okolie

COO

Recent Posts

Overstock Blockchain Subsidiary to Develop Land Registry in Tulum, Mexico

Retail giant Overstock.com’s blockchain-based land registry subsidiary has signed a Memorandum of Understanding (MOU) in Mexico to develop a digital land records platform. The news was revealed in a press release published by Nasdaq on Feb. 4. Under the agreement, Medici Land Governance (MLG) and the municipality of Tulum in Quintana Roo will jointly develop a digital platform for collecting real … Continue reading Overstock Blockchain Subsidiary to Develop Land Registry in Tulum, Mexico

IBM Partners with Abu Dhabi National Oil Company for Blockchain Supply Chain System

The Abu Dhabi National Oil Company (ADNOC) has successfully collaborated with IBM to pilot a blockchain supply chain system, according to an ADNOC press release published on Dec. 9. The release notes that ADNOC — a state-owned oil company in the United Arab Emirates (UAE) — is reportedly among the world’s leading energy and petrochemical groups, with a daily output of … Continue reading IBM Partners with Abu Dhabi National Oil Company for Blockchain Supply Chain System

Amazon Presents Its Quasi-Blockchain Solution, Platform for Ethereum and Hyperledger Fabric

On Nov. 28, e-commerce giant Amazon announced two blockchain-related products: Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain. The company hence marked its further expansion into the field of blockchain technology, which started with blockchain-related patents and collaborations that Amazon has seemingly chose over working with cryptocurrencies, per se. So what are those new projects and are they going … Continue reading Amazon Presents Its Quasi-Blockchain Solution, Platform for Ethereum and Hyperledger Fabric

Blockchain Could ‘Speed up the Economy,’ Says Nigerian Presidential Candidate

The presidential candidate of Nigeria’s leading opposition party has promised to support blockchain and cryptocurrency, local news outlet the DailyPost article reported Nov. 24. The Nigerian news outlet reportedly analyzed the Peoples Democratic Party (PDP) candidate Atiku Abubakar’s “Get Nigeria Working Again” policy that he reportedly promised to enact if he is elected president February 16, 2019. DailyPost reports … Continue reading Blockchain Could ‘Speed up the Economy,’ Says Nigerian Presidential Candidate

More Posts