BLOCKCHAIN: The Legal Side (p. 1)

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1. What is Blockchain?

The simplest way to explain blockchain is that it is a decentralized technology for recording information including transactions, property rights, identities, money balances, etc.[1]Particularly, blockchain is a huge list of records containing information known as “blocks”, which are linked to each other by a code “hash” and secured using advanced means of cryptography. Blockchain represents a high-performance tool for maintaining integrity of information, specifically about any kind of transactions, providing a reliable degree of trust that information will be kept unaltered. Thanks to the distributed mechanism once the transaction is validated taking form of a “block” it automatically becomes available to all participants of the network and can not be altered or modified, otherwise all the participants to the network will notice that chain was hacked or altered.

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