Jargon Buster

Jargon Buster Block Chain

what is a block chain

Will tells us what a Block Chain is

In this edition of JUMPSEC’s Jargon Buster, William Hall explains what a Block Chain is.

Video transcript:

“A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Blockchain technology comes in many shapes and forms, and usually relies on computers call miners coming together into groups called pools in order to aggregate their computational power. However this isn’t always the case. In popular implementations, a single block on a blockchain will consist of some specially formatted data that is cryptographically generated using data from the previous block. Once a block is accepted by the blockchain network, it becomes very difficult to modify, even for a capable attacker. This is because any change to the blockchain must be approved by every computer connected to it the blockchain can be thought of as a linked list of distrusted ledger recording transactions between parties in a verifiable and relatively permanent way.”