{"id":18197,"date":"2017-03-22T10:15:54","date_gmt":"2017-03-22T14:15:54","guid":{"rendered":"https:\/\/www.tun.com\/blog\/?p=18197"},"modified":"2019-09-13T13:45:28","modified_gmt":"2019-09-13T17:45:28","slug":"universities-and-governments-are-vying-for-blockchain-dominance","status":"publish","type":"post","link":"https:\/\/www.tun.com\/blog\/universities-and-governments-are-vying-for-blockchain-dominance\/","title":{"rendered":"Universities Are Vying for Blockchain Dominance"},"content":{"rendered":"

Since the launch of bitcoin in 2009, this <\/span>cryptocurrency<\/span> went from a geek phenomenon to a widely accepted solution for digital transactions. Blockchain is the technology behind bitcoin, and industry experts believe that blockchain will not only transform payment transactions but also provide solutions for many industries. \u00a0<\/span><\/p>\n

So what is blockchain?<\/b><\/span><\/h3>\n

Blockchain is a <\/span>distributed database<\/span><\/a> that grows with the record formed by each new transaction, which are called \u201cblocks.\u201d The series of blocks within the database form the \u201cchain.\u201d Hence, the name \u201cblockchain.\u2019\u2019 <\/span><\/p>\n

Each block contains a <\/span>timestamp<\/span><\/a> and a link to a previous block.<\/span>\u00a0<\/span>Once recorded, the data in a block cannot be altered retroactively. Through the use of a <\/span>peer-to-peer<\/span><\/a> networks and a distributed timestamping server, a blockchain database is managed autonomously.<\/span><\/p>\n

In simple terms, blockchain removes the \u201cmiddle man\u201d from many types of transactions while making such transactions more secure. It allows people who may not know, or trust, each other to conclude a secure verifiable transaction.<\/p>\n