There has been much discussion on how to define blockchain. Many believe it is a distributed ledger system with immutable records that cannot be altered. However, that definition is still in flux. The SEC is currently attempting to digest the technology behind ICOs, cryptoventures, and other distributed ledger technologies. In a recent complaint, the SEC issued a brief that gives a preliminary operational definition of blockchain. This definition is important as it sets the stage for courts and other regulatory bodies to enact laws that affect the blockchain industry.
Blockchain was first introduced in 2009 when it was first used for Bitcoin, an online currency system. Its founder is a mysterious figure called Satoshi Nakamoto, whose identity is still disputed. Since then, many IT developers have joined forces to support the Bitcoin ecosystem. However, the Bitcoin network has been plagued by scams and fake accounts.
Blockchain is a complex technology that combines transport of information, a data layer, and cryptographic elements. As a result, it can be used to restructure organizations and transfer large amounts of information. The key benefit of blockchain is that it delivers information instantly in a transparent, shared manner, minimizing the risk of tampering.
A blockchain is a digital ledger with a constantly growing list of data records. Each block contains hashed information and is linked to all previous blocks by a cryptographic linking method. This ensures that no one person or company can alter the data.