The Utilization Of Cryptography

Running head: BLOCKCHAIN TECHNOLOGY
Block Chain Technology
Name of the Student
Name of the University
Author Note

1
BLOCKCHAIN TECHNOLOGY
Table of Contents
Response to question 1:....................................................................................................2
Response to question 2:....................................................................................................3
Response to question 3:....................................................................................................5
References.........................................................................................................................7

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BLOCKCHAIN TECHNOLOGY
Response to question 1:
Block chain technology is referred to as an emerging records list which is termed
as blocks and in turn these blocks are connected with the utilization of cryptography.
Every single block comprises of cryptographic hashes which is related to the previous
block along with timestamp as well as transaction data which is basically represented in
the form of a Merkle tree. The technology of block chain remains unaffected towards the
transformation of data by the virtue of design (Crosby et al., 2016). It is referred to be a
distributed along with open ledger which possesses the capabilities of recording of
transactions among both the parties in an efficient manner and also in a permanent and
verifiable manner as well.
These blocks are accountable for storing information regarding transactions like
that of time, dollar amount and date of recent purchases from any of the e-commerce
websites (Iansiti & Lakhani, 2017). These kinds of blocks possesses capabilities of
storing the entire information regarding the participators in the transactions where the
purchases are recorded without the identification of the information with the utilization of
digital signature. Information is stored in these blocks which differentiated them from
other several other blocks (Nofer et al., 2017). In addition to this, once the data gets
recorded, the data which is present in any of these blocks could never be altered in a
retroactive manner without the transformation of the following blocks.
A multitude of features is offered by block chain which in turn forms the cause
behind it grabbing the place of the future technologies. It is referred to as a digital
technology of the distributed ledger and which is a place where the exchange of every
single information gets marked on the basis of the timing when it took place. The details