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Basics of Blockchain

Basics of Blockchain

the glossary

A blockchain is a digital ecosystem within which people, objects and services can communicate with each other. In a transparent, univocal, secure, encrypted and immutable way (append only).

Blockchain = A decentralized distributed ledger based on consensus where information is encrypted and stored immutably.

Ledger = A platform where information is stored

Decentralized Distributed = There is no central authority

Based on consensus = Information is processed, controlled and validated with the consensus of the majority of the users, any modification needs the consensus.

Information is encrypted… and stored immutably

  • All users hold both a public key and private key
  • Keys are used to encrypt and decrypt the information

Information is stored in blocks generated in chronological order and marked with a hash.