Blockchain Structure, History, and Governance

Blockchain as a Distributed Ledger

Blockchain is a distributed digital ledger that records transactions in sequentially linked blocks. Each block contains transaction data, a timestamp, and the cryptographic hash of the previous block, creating a tamper-resistant chain. Transactions are maintained across a peer-to-peer network, allowing participants to independently verify records without relying on a central authority. Consensus mechanisms, such as proof of work and proof of stake, are used to validate and add new blocks. The design of blockchain technology helps prevent unauthorized alteration and solves the double-spending problem by ensuring that digital assets cannot be duplicated or transferred more than once. However, records are not absolutely immutable because forks, protocol changes, and attacks such as a 51% attack can affect the accepted chain. Blockchains may be public and permissionless, private and permissioned, consortium-based, or hybrid. Their applications extend beyond cryptocurrencies to areas such as supply chains, digital identity, payments, auditing, and data verification, although concerns remain regarding scalability, energy use, centralization, privacy, and security models.

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Blocks, Hashes, and Cryptographic Linking

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