Block Chain for Online Exchanges

Abstract

A block chain is a chain of records, or blocks, that are encrypted and linked to one another. A timestamp, transaction information, and cryptographic hash data of the previous block are contained in each block. The block's data cannot be changed. An open, distributed ledger that can efficiently and permanently record transactions between two parties is analogous to blockchain. A block chain is typically managed by a peer-to-peer network that collectively adheres to a protocol for inter-node communication and validating new blocks in order to serve as a distributed ledger. The data in any given block cannot be changed after it has been recorded without affecting all subsequent blocks. By design, blockchains are regarded as secure. Blockchain technology is the foundation of the emerging currency type known as cryptocurrencies.