A blockchain is a decentralized digital ledger that records transactions in a secure, transparent, and immutable way. It is a continuously growing chain of blocks that contain a record of transactions, which are cryptographically linked and secured using complex algorithms.
Each block contains a unique code, called ‘hash’, which identifies it and is generated based on the contents of the block. This hash also includes the hash of the previous block in the chain, which creates a secure and tamper-proof way of linking the blocks together.
The decentralized nature of the blockchain means that there is no central authority controlling the system, and all participants in the network have a copy of the ledger. This ensures that transactions are transparent, and any attempts to tamper with the data will be immediately detected by the network.
At Arbtrust, we utilize this technology to create a secure environment and integrate high-tech solutions into our daily operations.