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What is Blockchain

Blockchain, in the general definition of the technology, is basically a type of database technology (over a computer network) that doesn’t allow re-write / update or deletion of data that has been committed to the series of data / records stored in it (referred to as blocks). This means it’s a write once, read only distributed database technology.

The method of linking different blocks of data together (referred to as the chain) is a technique called “distributed consensus”, which is a way of saying that multiple different entities (in this case computer nodes) within the blockchain network participate in a process of agreeing that the records within each dataset are true (or false) based on checking of cryptographic algorithms (called hashing). This ensures that once data is communicated, stored and distributed within a blockchain network, it is consistent, secured and very difficult to modify. These components are the underlying characteristics that define a blockchain.

Many of the other aspects discussed (decentralised ledgers, public ledgers, proof of work… etc) are not fundamental characteristics of blockchain, but are characteristics of specific blockchain implementations or configurations that have become commonly known and understood. The best example of this is Bitcoin, and the Bitcoin blockchain, which has dominated much of the public discussion online about blockchain technology.

Blockchain Consulting

BlockChain technology is a disruptive technology and so many companies are struggling to understand the core ideas and opportunities for their given business model. In ITH , we provide cutting edge solutions focussing on blockchain and smart contracts. Our clients range from seed funded startups to multi million dollar corporations.

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