A blockchain is a chronicle of signatures . Everyone can see the signatures but no one can afford to alter them. As a new block of signatures joins in as time passes the blockchain security as a whole becomes stronger. Blockchain is protected by public cryptography with no need of a central supervision. By design, altering any of the signature will be a very expensive undertaking. So expensive as comparable to the cost of breaking a vault of gold, which act of breaking in is much more expensive than the gold itself. All signatures are well-verified prior to being kept secured into a blockchain. Hence, all signatures in a blockchain can be trusted without requiring any third party verification. The principle of blockchain was made popular through the Bitcoin whitepaper by an illusive Satoshi Nakamoto . Even though the two words block and chain were never mentioned as one word in the whitepaper the essence of blockchain was described through out the document. The Bitcoin b...
Programming notes around Cryptocurrency, Electronics and GIS