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A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes. [1] [2] ...
A blockchain is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". [63] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given ...
Using blockchain, as opposed to relying on trusted third parties, it is possible to run highly accessible, tamper-resistant databases for transactions. [32] [33] With help of blockchain, tokenization is the process of converting the value of a tangible or intangible asset into a token that can be exchanged on the network.
Blockchain has been acknowledged as a way to solve fair information practices, a set of principles relating to privacy practices and concerns for users. [5] Blockchain transactions allow users to control their data through private and public keys, allowing them to own it. [5] Third-party intermediaries are not allowed to misuse and obtain data. [5]
[5] [2] Blockchain transactions are irreversible, which means that an incorrect or fraudulent DeFi transaction cannot be corrected easily. The person or entity behind a DeFi protocol may be unknown and may disappear with investors' money. [17] Investor Michael Novogratz has described some DeFi protocols as "Ponzi-like". [14]
In the blockchain, bitcoins are linked to specific strings called addresses. Most often, an address encodes a hash of a single public key . Creating such an address involves generating a random private key and then computing the corresponding address.