Base Blockchain Technology
Part 1
Blockchain refers to a digital ledger of encrypted transaction information shared among members of a public or private network. Copies of the transaction ledger are “distributed” to network members and new transactions are authenticated through consensus of the members whenever they occur. It is characterized by being based on a peer-to-peer(P2P)network system, not relying on centralized systems, and eliminating the need for transaction intermediaries to increase transaction efficiency, transparency, and security at lower costs. Blockchain-based transaction information is impossible to arbitrarily change, increasing transaction reliability and making information tracking easier. Based on distributed ledger technology, the same transaction ledger is open to all network participants and new information is updated in real-time simultaneously. Therefore, to arbitrarily change a single transaction information, one would have to hack numerous computers simultaneously, which is practically impossible.
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