Certified Blockchain Expert V2 Study Guide

Chapter 01: Block Chain Basics
Blockchain Technology
The Blockchain technology is a concept of the distributed ledger or P2P (Peer-to-peer) shared ledger on a peer-to-peer network. A blockchain is a chain of blocks stored on the hundreds and thousands of computers across the globe and distributed over the geographical location. In blockchain technology, digital information is distributed among peers all over the world; this information is distributed among thousands of machines, not stored at any single location, all records are public and easily verifiable. It is a complete ledger that keeps the copy of all the credits or debits of digital assets. That digital assets can be a bank transaction statement, digital currency or any digital information. For example, consider a bank statement of several transactions. These transactions are recorded into a chain of blocks. This chain of blocks is distributed among thousands of peers across the globe so that each peer can individually verify the transaction without involving any other peer.
The blockchain technology is using decentralized network architecture to maintain its network, it means, block chaining is not centrally controlled by any corporation or agency but a decentralized network to make it more secure. According to Block Chain Council, the term “Blockchain technology” typically refers to the transparent, trustless, publicly accessible ledger that allows us to securely transfer the ownership of units of value using public key encryption and proof of work methods.