Page 17 - ICT Nepal News Issue 01

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Blockchain is a type blockchain. The hash of the when a hashing function is security that blockchain
of distributed ledger that previous block's data is also run on a block to check its offers has inspired
stores a permanent and included in the new hash validity and the hash does i nformation tech nology
tamper-proof record that is stored at the end of not match the stored value, (lT) professionals in finance
of transaction data. the blockchain. it means the record has to investigate ways that
Distributed ledgers can This inclusion makes been tampered with or is blockchain's distributed
be thought of as a type of tampering with blockchain otherwise corrupt. ledger and encryption
database. data practically impossible. Legitimate changes to can be used to provide
But unlike traditional Alteri ng a ny tra nsaction the ledger are recorded the banking industry
data bases, d istri buted in a block changes the across the blockchain with secure tra nsactions
ledgers are managed block's hash and makes in a matter of minutes in near-real time, while
through a peer-to-peer subsequent hashes or seconds and records also reducing the cost of
(P2P) architecture and associated with the are protected through maintaining the necessary
do not have a centralized fol lowing blocks incorrect. cryptography. infrastructure required for
data store. Blockchains are This is important because The simplicity and back-end processing.
most commonly associated
with cryptocurrency -- and Blockchain Decoded
Bitcoin in particular.
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[17) IIfiINEPAL f]anuary 20L7)