Blockchain is a decentralized data ledger, where exchanges are conducted through secure channels. Blockchain technology allows a group of selected participants to exchange data. Literally, blockchain is a "chain of blocks." A block in this scheme is information about a series of transactions recorded in a distributed ledger. The block contains all the data about a specific transaction: sender and recipient identifiers, time, and transaction amount. The chain is an unbreakable sequence of blocks, so that anyone interested can trace the entire transaction history of a particular asset.
The application of blockchain technology extends to the cryptocurrency sphere, banking sector, and financial industry. With blockchain, reliable data registries, smart contracts, process management (e.g., logistics), and more can be created.
Blockchain technologies have unique features. Blocks in the chain cannot be damaged or changed, each node of the network has its own copy of the entire blockchain. Blockchain is decentralized. That is, there is no central link in the blockchain that would control all processes. Blockchain security is ensured by the fact that all blocks in the chain are interconnected with the previous ones. That is, in order to break the entire chain, you need to gain access to most nodes of the blockchain. And this is practically impossible.
The high level of blockchain transparency is ensured by the fact that the entire network is supported by each of the nodes. That is, everyone can see the stored information.
The use of blockchain may lead to legal consequences. Given the uncertainty regarding the legal features of the blockchain, it is necessary to approach issues related to regulatory laws and the choice of a blockchain site (for a smart contract), intellectual property rights, privacy and others with special care. In this case, you will need the help of qualified lawyers. Avitar has extensive experience in legal support of blockchain projects.
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