[2016-06-14] ET: Here is how Blockchain works and why it is important

[polynesia]

Here is how Blockchain works and why it is important

http://tech.economictimes.indiatimes.com/news/technology/here-is-how-blockchain-works-and-why-it-is-important/52741715

Blockchain is a digital ledger upon which bitcoin works. It works like a Google spreadsheet that is open to all. The data in a blockchain is automatically stored in packets of information called 'blocks', hence the name.

In the blockchain, a copy of the ledger file is shared between thousands of participants globally , also called miners. Once a transaction is entered in the blockchain, it can never be erased or modified.