ICO/ Cryptocurrency Beginner Guide Series(1)
What comes into your minds when we talk about Blockchain Technology? Bitcoin, virtual currencies or smart contracts? Blockchain is a type of distributed ledger that records transactions in a public or peer-to-peer network. Data is shared, replicated and synchronised among various users in a decentralized network, instead of a single central server or a third-party mediator. The transactions are stored in a sequential chain of cryptographic hash-linked blocks. One of the key features of blockchain would be having a timestamp and a unique cryptographic signature. Records are thus stored permanently and users are not able to make any changes to it. Therefore, blockchain is considered to be one of the best ways to secure transactions. With the decentralized network, we do not need to go through a middleman in P2P transaction as blockchain ensure that the payment will be completed with the timestamp and the unique cryptographic signature. Without the middleman, cost can be reduced significantly in transaction.
Find out more information about Distributed Ledger on IBM: https://www.ibm.com/developerworks/cloud/library/cl-blockchain-basics-intro-bluemix-trs/