{"id":8049,"date":"2022-09-26T19:18:12","date_gmt":"2022-09-26T19:18:12","guid":{"rendered":"https:\/\/mdr.foobrdigital.com\/?p=8049"},"modified":"2022-09-26T19:18:12","modified_gmt":"2022-09-26T19:18:12","slug":"what-is-a-blockchain","status":"publish","type":"post","link":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/2022\/09\/26\/what-is-a-blockchain\/","title":{"rendered":"What is a Blockchain"},"content":{"rendered":"\n<p>A blockchain is a new way to store data. Rather than centralising information, and the control over it, in one place (a database), blockchains store it across a network where no one point has the authority to change records, This is called&nbsp;<em><strong>decentralisation<\/strong><\/em>..<\/p>\n\n\n\n<p>Blockchain&#8217;s record data &#8211; in blocks &#8211; and securely store this data by chaining those blocks together using cryptography, hence a&nbsp;<em>block-chain.&nbsp;<\/em><\/p>\n\n\n\n<p>Satoshi Nakamoto &#8211; the alias of the individual or group behind Bitcoin that we met earlier &#8211; conceptualised the idea of a blockchain in a 2008&nbsp;<strong><em>Whitepaper<\/em><\/strong>&nbsp;(blueprint). The ability to create a decentralised ledger of transactions was fundamental to the viability of Bitcoin &#8211; a new peer-to-peer digital cash &#8211; and solving the double-spend problem.&nbsp;<\/p>\n\n\n\n<p>In other words, how to create a purely digital money that cannot be spent twice and doesn\u2019t go through a financial institution; it just flows from person-to-person across a distributed network.<\/p>\n\n\n\n<p>The&nbsp; blockchain was a central element in Satoshi&#8217;s solution, in combination with a method for ensuring that only valid transactional data was added to each new block &#8211; known as the consensus mechanism.<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>In reality Satoshi was actually solving a much \nbigger a problem that has been around for a very \nlong time: trust &amp; agency\u00a0<\/code><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>A blockchain is a new way to store data. Rather than centralising information, and the control over it, in one place (a database), blockchains store it across a network where no one point has the authority to change records, This is called&nbsp;decentralisation.. Blockchain&#8217;s record data &#8211; in blocks &#8211; and securely store this data by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[455],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8049"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=8049"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8049\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=8049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=8049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=8049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}