”a digital currency or decentralized system of exchange that uses advanced cryptography for security.”
cryptocurrency. (n.d.). Dictionary.com Unabridged. Retrieved November 16, 2017 from Dictionary.com website http://www.dictionary.com/browse/cryptocurrency
Block Chain Technology
A block chain is a continuously growing list of blocks which are interrelated and secured using cryptography. Each block in the chain contains a pointer to a previous block, a timestamp, and transaction data. The timestamp stores data including the time of creation and modification to a block within the chain. Validating new blocks within the block chain is typically managed by a peer-to-peer network. Essentially, mining is validating new blocks within the chain managed by mining pools. Once a timestamp is created, data within any given block cannot be modified without modification of all blocks before it within the block chain. Block chain technology may offer real world applications. For example, hospitals could potentially use a block chain to store medical records of patients with assurance of the security block chain technology offers.
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