A blockchain is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). By design, a blockchain is resistant to modification of its data. This is because once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks.
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.
Although blockchain records are not unalterable, blockchains may be considered secure by design
and exemplify a distributed computing system with high Byzantine fault tolerance. The blockchain
has been described as "an open, distributed ledger that can record transactions between two
parties efficiently and in a verifiable and permanent way".
The blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in
2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.
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