00:00this is essentially how a blockchain works a blockchain is a distributed database that is
00:05shared among multiple computers the database is divided into blocks of data that are chained
00:12together each block contains a time stomp and a hash of the previous block this makes it possible
00:18to verify the integrity of the data in each block ensuring that it has not been altered
00:23or tampered with in addition because the data is shared among multiple computers it is very difficult
00:31to corrupt or destroy the data there are many benefits to using a blockchain first it is highly
00:38secure as i mentioned before it is very difficult to corrupt or destroy the data stored on a blockchain
00:45this is because the data is spread across multiple computers and each block is cryptographically
00:51secured second it is transparent all of the data stored on a blockchain is public and can be viewed
00:58by anyone this makes it easy to track the history of a particular piece of data third it is tamper
01:06evident any changes made to the data in the blockchain are immediately apparent this means
01:12that it is impossible to hide errors or fraudulent activity on a blockchain fourth it is efficient
01:20because the data is stored in a distributed manner it is very efficient to retrieve data from a blockchain
01:27fifth it is decentralized a blockchain is not controlled by any central authority this makes it resistant
01:36to censorship and abuse now that you know some of the benefits of using a blockchain let's take a look
01:43at the history of blockchain technology
01:45blockchain technology
01:45foreign
01:45foreign
01:45foreign
01:45us
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